REG - Tertiary Minerals - Placing to raise £375,000

Tertiary MineralsAnnouncement

12/02/2024 07:00

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RNS Number : 7297C  Tertiary Minerals PLC  12 February 2024

12 February 2024

Tertiary Minerals plc

("Tertiary" or "the Company")

 

Placing to raise £375,000

Tertiary Minerals plc (AIM: TYM), the London listed explorer focussed on
copper and precious metals in Zambia and Nevada, USA, wishes to announce that
it has raised £375,000, before expenses, through a placing of 468,750,000 new
ordinary shares (the "Placing Shares") in the Company at a price of 0.08 pence
per share (the "Placing Price"), being a 15.8% discount to the closing market
bid price on Friday 9 February 2024 (the "Placing").

The Placing was arranged through the Company's joint broker, Peterhouse
Capital Limited ("Peterhouse").

Mr Patrick Cheetham, Executive Chairman of the Company, has subscribed
£20,000 for 25,000,000 Placing Shares as part of the Placing. Mr Cheetham's
subscription constitutes a related party transaction in accordance with AIM
Rule 13. The independent directors of the Company (being Mr Donald McAlister
and Dr Mike Armitage), having consulted with SP Angel Corporate Finance LLP,
the Company's nominated adviser, consider that the terms of Mr Cheetham's
participation in the Placing are fair and reasonable insofar as the Company's
shareholders are concerned.

Following the issue of the Placing Shares, Mr. Cheetham will be beneficially
interested in               46,465,000 Ordinary Shares (including
2,843,625 Ordinary Shares held by his wife, Karen Cheetham), representing
approximately 1.80% of the Company's enlarged issued share capital.

Broker Engagement Warrants

Under the terms of its engagement, and subject to the passing of resolutions 4
and 5 at the Company's Annual General Meeting to be held on Wednesday 14
February 2024, Peterhouse will be issued with 23,437,500 warrants ("Broker
Engagement Warrants") to subscribe for further new ordinary shares at the
Placing Price at any time before one year from the date of Admission. The
Broker Engagement Warrants will not be admitted to trading on any exchange.

The Placing Shares are being issued under the Company's existing share issue
authorities.

Use of Proceeds

The net funds raised will be applied to exploration activities at the
Company's projects in Zambia and Nevada and working capital.

Admission

The Placing Shares will rank pari passu with the Company's existing ordinary
shares.

An application has been made to the London Stock Exchange for admission of the
Placing Shares to trading on AIM ("Admission"). Admission is expected to occur
at 8.00a.m. on or around Friday 16 February 2024.

Total Voting Rights

Following Admission of the Placing Shares the Company's enlarged issued share
capital will be 2,574,835,049 ordinary shares.

 

The Company holds no ordinary shares in treasury. Following Admission, the
total number of voting rights in the Company will be 2,574,835,049 and this
figure may be used by shareholders as the denominator for the calculations by
which they determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

For more information please contact:

 Tertiary Minerals plc:
 Patrick Cheetham, Executive Chairman      +44 (0) 1625 838 679
 SP Angel Corporate Finance LLP - Nominated Adviser and Broker
 Richard Morrison                          +44 (0) 203 470 0470
 Caroline Rowe
 Harry Davies-Ball
 Peterhouse Capital Limited - Joint Broker
 Lucy Williams        + 44 (0) 207 469 0930
 Duncan Vasey

 

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

The notifications below, made in accordance with the requirements of the
Market Abuse Regulations (EU) No. 596/2014, provides further detail on the
issue of warrants to employees and directors.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

 

 

 1   Details  of  the  person   discharging  managerial   responsibilities
     I person closely associated
 a)  Name                                                           Patrick Cheetham
 2   Reason for the notification
 a)  Position/status                                                 Executive Chairman
 b)  Initial notification /Amendment                                Initial notification
 3   Details  of  the  issuer,  emission  allowance  market   participant,
     auction  platform, auctioneer or auction monitor
 a)  Name                                                           Tertiary Minerals plc
 b)  LEI                                                            213800OT9C6DQN9VO543

 4   Details of the transaction(s): section to be repeated  for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial  instrument, type of instrument   Ordinary Shares of 0.01 pence each

     Identification code                                            GB0008854563

 b)  Nature of the transaction                                      Subscription for shares in Placing
 c)  Price(s) and volume(s)                                         Price(s)                    Volume(s)
     0.08 pence                                                                                 25,000,000
 d)  Aggregated information

     - Aggregated volume                                            N/A (Single transaction)

     - Price

 e)  Date of the transaction                                        12 February 2024

                                                                    7.00a.m. GMT

 f)  Place of the transaction                                       Outside a trading venue

 

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