LONDON (ShareCast) - (Sharecast News) - Tertiary Minerals said on Monday that it has raised £0.1m through a placing of new shares to support further drilling at its recently discovered silver-copper-zinc target in Zambia's Mushima North Project.
The AIM-traded explorer said the placing, arranged via joint broker Peterhouse Capital, involved the issue of 153.8 million new shares at 0.065p each, the same as its closing bid price on 17 October.

It said the placing was subscribed exclusively by existing significant shareholder Stuart Packwood, who would increase his stake to 9.1% following admission of the new shares on 24 October.

Managing director Richard Belcher said the investment reflected growing confidence in Tertiary's exploration portfolio.

"We are delighted that Mr Packwood, a significant shareholder, has increased his shareholding in the Company and at the current market price," he said.

"This is a great endorsement for Tertiary and its portfolio of highly prospective projects.

"The funds raised will be used to support further drilling at our recent silver-copper-zinc discovery, Target A1, at the Mushima North Project."

Belcher said the company planned to "aggressively advance" the target before the onset of the Zambian rainy season.

"The planned drill programme will provide additional drill data to support our current goals at Target A1, which includes expanding the known mineralisation footprint, both along strike and at depth - particularly in the north where higher-grade copper was intercepted towards the end of our last drill programme over the summer," he added.

Proceeds from the placing would fund a minimum 1,000-metre reverse circulation drill campaign aimed at testing extensions to high-grade mineralisation, continuity between existing drill lines and depth potential.

The firm said it was also carrying out mineralogical analysis and gold assays on selected intersections and had engaged external consultants to assess whether the existing data supports the definition of an initial exploration target under JORC guidelines.

It said its longer-term objective was to define a larger mineralised footprint and generate sufficient data to underpin a maiden mineral resource estimate within the next year.

Following admission, Tertiary's issued share capital would total 5.12 billion shares.

At 1416 BST, shares in Tertiary Minerals were up 7.29% at 0.08p.

Reporting by Josh White for Sharecast.com.

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