Tertiary Minerals raises £420k

MACCLESFIELD company Tertiary Minerals, which is developing plans to mine the natural resource fluorspar, has raised £420,000 in a shares placing.

Tertiary said it had placed 7.3 million new ordinary shares at 5.75p per share with a “small number of institutional investors”.

It will use the funds for the continuing evaluation of its fluorspar projects and for general working capital purposes.

Chairman Patrick Cheetham, sais: “This fundraising will allow the Company to maintain momentum on its key fluorspar projects and in particular to continue with drilling on our exciting MB Fluorspar project in Nevada where we have already defined a large maiden mineral resource.”