Tertiary Minerals PLC on Wednesday said it has raised £880,000 through a placing to help fund exploration activities.

Tertiary Minerals is a mineral development company focused on deposits in the US, Zambia and Northern Europe.

It said it as raised £880,000 through a placing of 1.1 million shares priced at 0.08 pence each. The placing price represents an 11% discount to the closing price on Tuesday.

Its shares were down 18% to 0.082 pence each in London on Wednesday morning.

Tertiary Minerals said the funds raised will be used for exploration activities at the company’s projects in Zambia and Nevada and working capital. This will include drilling for copper at its Mushima North & Jacks projects in Zambia and drilling for copper and gold at Brunton Pass in Nevada.

These programmes are additional to the drilling already in progress at the Konkola West Copper Project, which is being funded by KoBold Metals, and the planned drilling on the company’s Mukai Copper project which will be funded by First Quantum Minerals, it noted.

Copyright 2024 Alliance News Ltd. All Rights Reserved.