Tertiary Minerals PLC on Monday said that it has raised £375,000 through a placing in order to fund exploration activities at its various global projects.

Tertiary Minerals is a mineral exploration and development company focused on energy transition metals with projects in the US and Zambia.

The funds were raised through a placing of 468.8 million shares at 0.09 pence per share, being a 16% discount to the closing market bid price on February 9. As part of the fundraise, Executive Chair Patrick Cheetham subscribed £20,000 for 25.0 million placing shares.

According to Tertiary Minerals, the net funds will be used for exploration activities at its projects in Zambia and Nevada, as well as for working capital.

Tertiary Minerals shares were trading 17% lower at 0.085 pence each in London on Monday morning.

Tertiary has a market cap of £1.8 million.

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