Tertiary Minerals (LSE:TYM) has conditionally raised £1m before expenses through a placing of 1.67bn new shares at 0.06p.
The placing price represents a 14% discount to the five-day average volume-weighted average price on 21 September, when the shares were suspended under a Capital Access Window; normal trading resumes at 7:30am today.
The new shares equate to roughly 19% of the AIM-listed company's enlarged share capital, taking the total to 8.82bn shares once admitted.
Proceeds will fund deeper drilling at Target A1 within the Mushima North project in Zambia to test for mineralisation beneath the oxide zone, along with laboratory assaying for critical minerals, expanded metallurgical testwork, environmental and community surveys to support an Environmental Impact Assessment, and general working capital.
The company has just completed a 39-hole, 3,639-metre Phase 4 reverse-circulation campaign at Target A1's Discovery Zone, which has already delivered its highest-grade silver-copper intersections to date, including 82m at 107 g/t silver equivalent, and mineralisation extending beyond the previously modelled boundary of the 15-30m tonne, 40-60 g/t silver equivalent exploration target.
"We have made significant progress at Target A1 at the Mushima North silver-copper project in Zambia this field season and aim to continue this momentum, in particular to initially test the depth extent of mineralisation below the higher-grade core", said Managing Director Richard Belcher.
SP Angel will receive 83.33m warrants exercisable at the placing price for 12 months from admission.
The placing is conditional on shareholder approval at a general meeting expected roughly 27 October, with admission targeted for on or roughly 28 October.