Tertiary bolsters funds with share placing
MINERAL exploration company Tertiary Minerals has raised £264,000 in a private placing.
The Macclesfield business has placed 12 million new ordinary shares at 2.2p each. It said the new funds would be used to bolster working capital.
The placing is conditional on the new ordinary shares being admitted to AIM which the business hopes will take place on July 8.
Long-term shareholder City of London Group (COLG) has applied for 4.7 million of the shares which will take its holding to 7.94% of the enlarged share capital.
John Greenhalgh, a non-executive director of COLG, and an original seed capital shareholder in the company, has subscribed for 7.2 million shares as a part of the placing, taking his stake to 9.5%.
COLG is a investment company listed on the main market of the London Stock Exchange. John Greenhalgh was chairman and managing Director of COLG until last year.
Tertiary Minerals’ chairman Patrick Cheetham said: “We are delighted that both John and City of London Group have sought to increase their interests in the company and we welcome the opportunity to strengthen our treasury as we move forward with the scoping study for the development of our large Storuman fluorspar project in Sweden.”
