Tertiary Minerals secures £1 million to advance Zambian silver drilling
Tertiary Minerals PLC has raised £1 million through a share placing to fund drilling at its Zambian silver discovery.
The company issued 1.97 billion new ordinary shares at 0.05 pence each, raising £985,000 before expenses, with two directors intending to subscribe for a further £15,000 of shares once the company exits a close period ahead of interim results due before the end of June.
The placing price represents a 17% discount to the closing bid price on 3 June, with the new shares representing around 28% of the enlarged issued share capital.
Brokers SP Angel Corporate Finance and AlbR Capital arranged the raise, and will receive a total of 98.5 million warrants exercisable at the placing price within 12 months.
Net proceeds will be directed towards drilling and technical studies at the Mushima North Target A1 silver oxide discovery in Zambia, with the aim of producing a maiden JORC Mineral Resource Estimate, a standard measure of mineralisation used in the mining industry, by the end of 2026.
Managing director Richard Belcher said the capital raise was designed to advance work on the flagship discovery through infill drilling, testing of mineralisation extensions and metallurgical testwork.
