Tertiary Minerals PLC on Wednesday saw its share price fall, after completing a fundraise at a discount to the previous day’s closing bid price.

Tertiary Minerals is a mineral exploration and development company focused on energy transition metals, with projects in the US and Zambia. Shares in the firm were trading 8.4% lower at 0.13 pence each in London on Wednesday morning.

Tertiary raised £150,000 via a placing of 125.0 million new shares at 0.12 pence per share, which represented a 7.7% discount to Tuesday’s closing bid price.

It said that the net funds raised would go towards exploration activities at projects in Zambia and Nevada, as well as towards working capital.

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