- Tertiary Minerals
- 06 June 2025 13:44:50
Source: Sharecast
The AIM-traded firm said the fundraising, arranged through joint brokers Peterhouse Capital and SP Angel, would support drilling at its Mushima North project in Zambia and provide additional working capital.
It said the new shares represented 23.9% of its enlarged issued share capital, with admission to trading on AIM expected on or around 12 June.
Peterhouse would also receive 20 million warrants exercisable at the placing price within 12 months.
Due to a regulatory close period ahead of interim results expected later this month, Tertiary said its directors were unable to participate in the placing.
However, managing director Richard Belcher, executive chairman Patrick Cheetham and non-executive director Donald McAlister had indicated their intention to subscribe for a further £25,000 in aggregate once the close period ends.
That subscription would be subject to AIM rule 13 and approval by the independent director.
Following admission of the placing shares, Tertiary said its total voting rights would stand at 4.88 billion shares, with none held in treasury.
“This capital raise will allow us to advance our Mushima North copper-silver-zinc project in Zambia, where we plan to build on last year's successful exploration at the A1 target,” said managing director Richard Belcher.
“Funds will be used for an air-core drill programme to test the over one kilometre strike extent of the silver-in-soil anomaly situated in the broader kilometre-scale zinc- and copper-in-soil anomalies where scout drilling late last year intersected thick and wide zones of silver-copper-zinc mineralisation with many holes ending in mineralisation.”
Belcher said that elsewhere, the company was “looking forward” to progress across the projects managed by its joint venture partners, and was continuing to look at opportunities to advance its other projects in Zambia and the US through strategic partnerships.
“I would like to take the opportunity to thank existing and new shareholders for their continued support and I look forward to providing updates across our exciting project portfolio over the upcoming months.”
At 1319 BST, shares in Tertiary Minerals were down 27.22% at 0.04p.
Reporting by Josh White for Sharecast.com.