Bluejay Mining plc ORD 0.01p (LON:JAY), the AIM and FSE listed company with projects in Greenland and Finland, has today announced that it has conditionally raised £17 million (US$24million) via a placing of 77,272,728 new ordinary shares of 0.01p each in the capital of the Company (“New Shares”) at a placing price of 22p pence per New Share (the “Placing Price”) (the “Placing”). The funds raised will primarily support Bluejay in its rapid advancement of the Dundas Ilmenite Project in Greenland (“Dundas”), as it continues to fast track the project into production.
The Company will use the net proceeds of the equity fund raising to:
· Continue development of Dundas towards commercialisation. This will include:
o Commencing procurement of long lead items to support mine plant construction and supporting infrastructure
o Completing EIA (Environmental Impact Assessment) and SIA (Social Impact Assessment) targeted for spring 2018
o A priority mining area resource statement due in coming weeks, feeding into the mining study. Complete mineral resources estimate expected Q2 2018
o Finalising the pre-feasibility study, targeted for Q2 2018
o Completing the exploitation application and lodgement Q2 2018, approval anticipated Q4 2018
o Facilitating offtake and marketing as well as other general activities.
· Undertake 2018 work programme at Disko to further progress the Nickel, Copper, Cobalt & Platinum Project in West Greenland (“Disko”), following maiden 2017 field work.
· Fund general working capital and maintain interests in wider project portfolio, including Finnish polymetallic assets.
Bluejay Mining Plc CEO Roderick McIllree said, “Bluejay is a strong value proposition, offering significant uplift as production at Dundas nears. We are also excited about the opportunities that our wider development portfolio, especially the sizeable Disko project, offers.
“We are delighted and would like to thank our existing shareholders for their continued strong support in this oversubscribed placing, giving a clear indication of the confidence in our assets and our ability to deliver.
“Raising these funds is a significant achievement as we now have a clear path to advance Dundas towards production. As the project has already been proven to be the highest-grade ilmenite asset in the world, with a simple processing route and highly strategic location that could see the project be in the lowest quartile production costs, we have great confidence in its commercial potential. These funds will support us in our objectives of commencing production, resource expansion, feasibility studies, licencing applications and mine construction, many of which are due for completion in the coming months. Alongside this, whilst Dundas remains our primary focus, further upside is available via our wider portfolio. Disko has shown its potential to host large scale Ni-Cu-Co-PGE MMS accumulation and accordingly we are keen to further our understanding of this through targeted exploration work. With significant news flow and multiple value milestones due in the coming months, I have no doubt that 2018 will be a pivotal year for our Company.”
Details of the Placing
Application has been made for 77,272,728 New Shares to be admitted to trading on the AIM market of the London Stock Exchange plc (“Admission”). It is expected that Admission will occur on or around 8 February 2018. The New Shares will be credited as fully paid and rank pari passu with the existing ordinary shares of 0.01p each in the capital of the Company (“Ordinary Shares”).
Total voting rights
Following the issue of the New Shares, the total issued share capital of the Company will consist of 848,774,089 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 848,774,089 and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
