Tertiary Minerals plc (AIM: TYM) has conditionally raised £1 million before expenses through a placing of 1.67 billion new shares with institutional investors and high-net-worth individuals.
The shares have been placed at 0.06p each, representing a 14% discount to the five-day average VWAP on 21 September 2026, when the company’s shares entered a Capital Access Window.
The Capital Access Window has now closed, with normal trading in Tertiary’s existing AIM shares resuming at 7.30am on 30 September 2026.
The placing itself remains conditional on shareholders approving the necessary share authorities.
Expected dates: the company currently expects to hold its general meeting on or around 27 October 2026, with admission of the placing shares to AIM expected on or around 28 October 2026, subject to shareholder approval. These dates are indicative rather than confirmed completion dates.
Following admission, Tertiary would have 8.82 billion shares in issue, with the placing shares representing approximately 19% of the enlarged share capital.
Net proceeds will principally support further work at Target A1 within the Mushima North silver-copper project in Zambia.
Planned expenditure includes deeper drilling to test mineralisation beneath the oxide zone, laboratory analysis for critical minerals, expanded metallurgical testwork and environmental and community surveys to support an Environmental Impact Assessment.
Managing director Richard Belcher said the company intends to build on progress at Target A1 by testing the depth extent beneath the higher-grade core and completing further assay and metallurgical work.
Joint broker SP Angel will also receive 83,333,333 warrants, exercisable at the 0.06p placing price for 12 months from admission. Full exercise would raise a further approximately £50,000 before expenses and create additional dilution.
For investors, the immediate confirmed development is the £1 million conditional placing and restoration of normal AIM trading. The next milestones — shareholder approval and admission of the new shares — remain expected rather than completed, while the longer-term test is whether the new capital produces meaningful progress at Mushima North.
