Tertiary Minerals Plans Fundraise to Advance Zambia Copper Project
Tertiary Minerals Plans Fundraise to Advance Mushima North Copper Project in Zambia
Aim-listed Tertiary Minerals has announced plans to raise funds to advance its flagship Mushima North copper project in Zambia, following encouraging results from its recent Phase 4 drilling programme.
The proposed fundraise will involve the issue of new ordinary shares and is being arranged by the company’s joint broker, SP Angel Corporate Finance.
The proceeds will be used to advance exploration and development activities at Mushima North, as well as support general working capital requirements.
Tertiary Minerals said the proposed fundraising will be subject to shareholder approval at a general meeting because the company currently has insufficient authority to issue the required number of new shares.
The company has also elected to use the Capital Access Window under the updated AIM Rules, allowing trading in its shares to be temporarily halted during the fundraising process to provide pricing stability.
The funding plans follow a series of encouraging exploration results from Mushima North. Recent Phase 4 drilling has identified higher-grade mineralisation, supporting the company’s ongoing efforts to expand and define the project’s copper potential.
Tertiary Minerals is now focused on advancing the project as it continues exploration and resource-definition work in Zambia.
