TIDMJAY
RNS Number : 1383K
Bluejay Mining PLC
23 August 2023
23 August 2023
Placing to raise GBP600,000
Bluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE
listed and OTCQB traded exploration and development company with
projects in Greenland and Finland, is pleased to announce the
completion of an equity fundraise, raising gross proceeds of
GBP600,000 through the private placement of 60,000,000 shares
("Placing Shares") to new shareholders, at a price of 1.0 pence per
share (the "Placing").
The funds raised will be focussed on the Company's 100% owned
Hammaslahti copper-zinc-silver-gold ('Cu-Zn-Ag-Au') project
('Hammaslahti') in eastern Finland where the Company is developing
a JORC compliant Mineral Resource Estimate ('MRE') and has
completed two phases of diamond drilling over the summer, and
awaiting final assay results on the second phase holes. Results
from an ongoing lithogeochemical and petrographic study as well as
some further regional geochemical analysis are also expected.
Additionally, Bluejay is continuing discussions with strategic
investors with respect to partnering on one or more of its base
metals projects in Finland and Greenland. There can be no certainty
that any binding agreements will be entered into with these
investors.
CMC Markets UK Plc ("CMC Markets"), acted as the Company's sole
placing agent in respect of the Placing.
Highlights
-- The GBP600,000 ($764,000) gross proceeds were raised for the
further development of the Hammaslahti Cu-Zn-Ag-Au project and for
general corporate purposes. Recent drilling on the East-lode
('E-lode') ore body mineralisation at Hammaslahti has encouragingly
intersected sulphide mineralisation in all holes. Further work is
planned on the E-lode, as well as down-plunge extensions to
previously mined ore-lodes, to enable the delivery of a maiden MRE
for the ore bodies. Subsequent drilling of near surface targets in
August 2023 also intersected mineralisation, with assays due in
early September 2023. Management continues to believe that the
Hammaslahti Project has the potential to provide meaningful near
term value to shareholders.
-- As previously disclosed in June 2023, management is
progressing discussions with prospective strategic investors from
US and Nordic jurisdictions which are offering complementary
technical and financial capabilities to the Company. This group of
interested parties has subsequently widened, and management is
encouraged by the level of interest demonstrated in the Bluejay
portfolio. However, as has been previously stated, there can be no
certainty that any binding agreements will be entered into with
these investors.
-- Funds will also go toward the planning activities aiming for exploration at the Kangerluarsuk Zn-Pb-Ag+/-Ga+/-Ge+/-Cu project in 2024.
-- .
Robert Edwards, Executive Chairman of Bluejay, stated:
"We are grateful to receive funds for the further development of
the portfolio, and welcome new investors in the Company who are
excited to get involved with the new Bluejay story. The immediate
use of these funds will position us for a productive and pivotal
second half of 2023, and what we believe could be a
transformational 2024. We have attempted to highlight the hidden
value within our portfolio of energy transition focussed base
metals assets. First of all, we are awaiting the final assay
results from our recent drilling campaign at Hammaslahti.
Thereafter, we are aiming to develop a maiden mineral resource
estimate for H2 2023 which encompasses recent drilling as well as
some historical holes, notably the E-lode discovery hole (hole id.
M424114-R325) which returned 8.65 metres ("m") grading 2.2% copper
("Cu"), 2.0% zinc ("Zn"), 0.5 % lead, 47.5 g/t silver ("Ag"), and
0.5 g/t gold ("Au"), including 5.60m grading 3.2% Cu, 3.2% Zn, 81.1
g/t Ag, and 0.9 g/t Au."
"The historical Hammaslahti mine was previously operated between
1971 and 1986 and produced a total of seven million tonnes of
high-grade Cu-Zn-Ag-Au ore. This historical production, combined
with our previous exploration activities, gives us confidence that
Hammaslahti presents the potential to maximise shareholder value in
a short timeframe. Beyond Hammaslahti, management is keen to
undertake further geophysics on the Outokumpu Cu-Co-Zn-Ni-Ag-Au
Project as well as potentially undertake a 1,000 -1,500 metre drill
campaign on defined, untested targets, notably Makkola, Hälvalä and
Kiislampi within the Enonkoski Ni-Cu-Co-PGM projec t not drilled by
Bluejay in conjunction with its former Joint Venture ('JV')
partner, Rio Tinto."
"We would reiterate that our 100% owned Kangerluarsuk project
remains a high priority target for Bluejay for 2024. As previously
explained, due to unforeseen sea-ice conditions, we were unable to
progress with our intended maiden drilling campaign in summer 2023
but we are very much focussed on driving forward with a 2024
programme. Of equal priority is the advancement of our 49% owned
Disko-Nuussuaq nickel-copper-cobalt-platinum group elements-gold
('Ni-Cu-Co-PGE-Au') project ('Disko') together with our JV partner,
Kobold Metals. "
Prospective Strategic Investors
Bluejay is also in advanced discussions with five strategic
investors, some with complimentary attributes which we believe will
strengthen both the financial and technical capabilities of the
business as we progress the Company's portfolio of exploration
projects as outlined in the Strategic Update (see Bluejay RNS
dated: 14 February 2023 ). The Company is hopeful that it can
successfully conclude some of these discussions in the second half
of 2023. However, there can be no certainty that any binding
agreements will be entered into with these investors.
Admission and Total Voting Rights
Application has been made for the 60,000,000 Placing Shares to
be admitted to trading on the AIM market of the London Stock
Exchange ("Admission"). It is expected that Admission will occur on
or around 1st September 2023. The Placing Shares will be credited
as fully paid and rank pari passu with existing ordinary shares of
0.01 pence each in the capital of the Company ("Ordinary
Shares").
Following the issue of the Placing Shares, the total issued
share capital of the Company will consist of 1,195,885,079 Ordinary
Shares. The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of voting rights in the Company is
1,195,885,079 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.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018.
For further information please visit
http://www.bluejaymining.com or contact:
Kevin Sheil Bluejay Mining plc enquiry@bluejaymining.com
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SP Angel Corporate Finance
LLP
Ewan Leggat / Adam (Nominated Adviser and
Cowl Broker) +44 (0) 20 3470 0470
---------------------------- --------------------------
Tim Blythe / Megan BlytheRay
Ray / Said Izagaren (Media Contact) +44 (0) 20 7138 3205
---------------------- ---------------------------- --------------------------
Douglas Crippen CMC Markets PLC +44 (0) 20 3003 8632
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About Bluejay Mining plc
Bluejay is listed on the London AIM market and Frankfurt Stock
Exchange and its shares also trade on the OTCQB Market in the US.
The Company holds multiple exploration and development projects in
Greenland and Finland, providing its shareholders both portfolio
and commodity diversification in high quality jurisdictions.
Bluejay, through its wholly owned subsidiary Disko Exploration
Ltd., has signed a definitive Joint Venture Agreement with KoBold
Metals to guide exploration for new deposits rich in the critical
materials required for the green energy transition and electric
vehicles (The Disko-Nuussuaq nickel-copper-cobalt-PGE Project).
Disko Exploration Ltd holds two additional projects in Greenland -
the 692 sq km Kangerluarsuk zinc-lead- silver Project, where
historical work has recovered grades of up to 45.4% zinc, 12.4%
lead and 596 g/t silver; and the 920 sq km Thunderstone Project
which has the potential to host base metal and gold deposits.
In Finland, Bluejay currently holds three large scale
multi-metal projects through its wholly owned subsidiary FinnAust
Mining Finland Oy. The Company has identified multiple drill ready
targets at the Enonkoski nickel-copper-cobalt Project in East
Finland. Bluejay's drill ready Hammaslahti copper-zinc-gold-silver
Project hosts high-grade VMS mineralisation and extensions of
historical ore lodes have been proven. The drill ready Outokumpu
copper-nickel-cobalt-zinc-gold-silver Project is located in a
prolific geological belt that hosts several high-grade former
mines. Bluejay also owns a c.29% holding in Metals One plc
(recently listed on the AIM Market in London).
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