TIDMJAY
RNS Number : 9761T
Bluejay Mining PLC
20 November 2019
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 596/2014. IN ADDITION, MARKET SOUNDINGS
WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS
ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF
SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION
OF INSIDE INFORMATION.
Bluejay Mining plc ('Bluejay' or the 'Company')
GBP11.5 million raised, including GBP4 million from Greenlandic
and Danish Government owned investment vehicles
Bluejay Mining plc, the AIM and FSE listed company with projects
in Greenland and Finland, is pleased to announce that it has
conditionally raised GBP11.5 million by way of an issue of 115
million new ordinary shares of 0.01p each in the Company (the 'New
Shares') at the issue price of 10p (the 'Placing Price' or 'Issue
Price') per share (the 'Fundraising'). The proceeds will be used to
continue the development of the Dundas Ilmenite Project ('Dundas'
or the 'Project') through the Mining Licence approval process and
towards commencement of production; maiden drilling campaigns in
2020 at the Disko-Nuussuaq Project ('Disko') and the Kangerluarsuk
Project ('Kangerluarsuk'); and the ongoing project generation in
Greenland as well as working capital.
Highlights:
-- Total Fundraising of GBP11.5m at 10p per share to be completed in two phases:
o Firm placing of GBP7.5m ('Firm Placing'); and
o GBP4.0m subscription by Greenlandic and Danish Government
investment funds; Greenlandic 'Greenland Venture' and the Danish
'Vaekstfonden' (the 'Subscription') demonstrating a solid
endorsement of Bluejay's in-country activities
-- Board representation - A representative of Greenland Venture
or Vaekstfonden will join the board of Dundas Titanium A/S (100%
subsidiary which owns Dundas)
-- Institutional support from German, Danish, UK and Irish investors
-- Funds will be used to advance Bluejay's Greenlandic resource projects including:
o Continuing to advance Dundas towards grant of Mining Licence
and preparation for full development;
o Maiden drilling campaign at Disko in 2020 (subject to
Government approval), the Company has already identified targets
that could represent Massive Sulphide System through recent and
historical work;
o Maiden drilling campaign at Kangerluarsuk (subject to
Government approval) in 2020; and
o Continue reviewing opportunities to add other potential
high-value prospects or areas to the 'Discover, Develop, Deliver'
portfolio.
-- Defined programmes to drive the Greenlandic portfolio forward
towards partnering and ultimately production and revenue
generation
-- General Meeting to be held on 12 December 2019 to approve the Subscription
Bluejay CEO Roderick McIllree said, "We are delighted to have
received strong support from two important Greenlandic and Danish
Government backed institutions. This support demonstrates the
mutual desire to grow the country's mineral resource industry and
we hope that Bluejay will be that vanguard. I would like to thank
and welcome them and also thank our new institutional international
investors and existing shareholders for their continued
support."
Greenland Venture is the largest equity fund in Greenland and is
established by the Government of Greenland, Naalakkersuisut,
through the company Greenland Holding A/S. 'Vaekstfonden' (The
Danish Growth Fund) is the Danish State's investment fund.
Vaekstfonden is deeply rooted in the Danish capital and business
ecosystem.
Karsten Høy, CEO of Greenland Venture said, "We are very pleased
to be part of Bluejay through this Fundraising as we consider the
Company to be a leader in Greenland's emerging mining sector. The
opportunities that these projects bring to the local communities
are of utmost importance for us, in terms of creating growth,
employment and additional infrastructure developments in Greenland.
The team at Bluejay greatly impressed us and we are excited to join
their journey; we look forward to supporting their future progress
on the ground."
Rolf Kjærgaard, CEO of Vaekstfonden said, "With their advanced
Dundas Ilmenite Project and their wider portfolio of projects in
the development pipeline, Bluejay have attracted attention from
major international mining companies. This is yet another sign of
the commercial potential for extracting raw materials in Greenland.
Through our investment in Bluejay Mining and their experienced
management team and organization, Greenland Venture and
Vaekstfonden are jointly contributing to making possible a
substantial mining operation in the North-western part of
Greenland, which will significantly boost employment and commercial
activity in the area."
Full Details
The Firm Placing has raised GBP7.5 million pursuant to a firm
placing of 75 million New Shares ('Firm Placing Shares') which will
be issued at the Placing Price and will represent approximately 8.1
per cent. of the share capital of the Company as enlarged by the
Firm Placing. The Firm Placing Shares will rank pari passu in all
other respects with the Company's existing ordinary shares of 0.01p
each ('Existing Ordinary Shares'). The Firm Placing does not
require Shareholder approval.
In addition, the Company is pleased to announce that it entered
into subscription agreements with Greenland Venture A/S, a joint
venture between the Governments of Greenland and Denmark, as well
with Vaekstfonden (The Danish Growth Fund), the Danish State's
investment fund, on 18(th) November, 2019 (the 'Subscription
Agreements'). The Subscription is conditional upon Resolutions 1
and 2 being approved by shareholders of Bluejay.
The Subscription Agreements envisage these two government
investors will in aggregate apply for 40 million New Shares (the
'Subscription Shares') at 10 pence per share for a total of GBP4.0
million equating to c.35 percent of the Fundraising. The issue of
the Subscription Shares is subject to the passing of certain
resolutions at a shareholder meeting of the Company, further
details of which are set out below. The Subscription Shares will,
when issued, be credited as fully paid and will rank pari passu
with the Existing Ordinary Shares, including the right to receive
all future dividends and distributions declared, made or paid by
reference to a record date falling after their issue.
The Company is also pleased to advise that the Fundraising, in
addition to our new Danish and Greenlandic government shareholders,
was well supported by existing and new institutional shareholders,
from Germany, Denmark, the UK and Ireland.
Shareholder Meeting
The Company intends to hold a general meeting of shareholders at
10.00 a.m. on 12 December 2019 ('General Meeting') at The
Washington Mayfair Hotel, 5 Curzon Street, London, W1J 5HE for the
purposes of passing the resolutions required to increase the share
issuing authorities of the Company to enable it to issue the
Subscription Shares to Greenland Ventures A/S and Vaekstfonden (The
Danish Growth Fund).
The following resolutions ('Resolutions') will be put to
shareholders at the General Meeting:
Resolution 1 - Section 551 authority
This is an Ordinary Resolution authorising the directors to
allot and issue ordinary shares and grant rights to subscribe for
shares up to an aggregate nominal value of GBP14,000, GBP4,000 is
for the Subscription and the balance of GBP10,000 is a general
authority.
Resolution 2 - Section 570 authority and dis-application of
Section 561(1)
This is a Special Resolution authorising the directors to issue
equity securities wholly for cash on a non-pre-emptive basis for a
nominal amount of GBP4,000 pursuant to the authority conferred by
Resolution 1 above for the purposes of the Subscription to enable
the issue of the Subscription Shares.
Resolution 3 - Section 570 authority and dis-application of
Section 561(1)
This is a Special Resolution authorising the directors to issue
equity securities wholly for cash on a non-pre-emptive basis for a
nominal amount of GBP10,000 pursuant to the authority conferred by
Resolution 1 above. This is a general authority that allows the
Board to allot shares without recourse to the Shareholders so that
it can move quickly from time to time as it deems appropriate.
The Resolutions above will expire at the conclusion of the next
annual general meeting of the Company. Resolution 1 will be
proposed as an ordinary resolution. For an ordinary resolution to
be passed, more than half of the votes cast must be in favour of
the resolution. Resolutions 2 and 3 will be proposed as special
resolutions. For a special resolution to be passed, more than three
quarters of the votes cast must be in favour of the resolution.
A circular, containing details of the Firm Placing and the
Subscription Agreements, will be posted to Shareholders today, and
will be available on the Company's website, along with a Form of
Proxy to vote at the General Meeting.
Details of the Placing
Application has been made for admission of the Firm Placing
Shares and Subscription Shares to be admitted to trading on the AIM
market of the London Stock Exchange plc ('Admission'). It is
expected that Admission of the Firm Placing Shares will occur on or
around 25 November 2019 and that Admission of the Subscription
Shares will occur on or around 12 December 2019. 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 969,969,397 Ordinary Shares.
The Company does not hold any Ordinary Shares in Treasury.
Therefore, the total number of voting rights in the Company is
969,969,397 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.
SP Angel Corporate Finance LLP ('SP Angel') acted as bookrunner
and placing agents for Bluejay in connection with the Firm
Placing.
Market Abuse Regulation (MAR) Disclosure
Prior to its publication, certain information contained within
this announcement was deemed to constitute inside information for
the purposes of Article 7 of EU Regulation 596/2014 ('MAR'). In
addition, market soundings (as defined in MAR) were taken in
respect of the Firm Placing and Subscription with the result that
certain persons became aware of inside information (as defined in
MAR), as permitted by MAR. This inside information is set out in
this announcement and such information is now considered to be in
the public domain. Accordingly, those persons that received inside
information in a market sounding are no longer in possession of
such inside information relating to the Company and its
securities.
**ENDS**
For further information please visit http://www.titanium.gl or
contact:
Roderick McIllree Bluejay Mining plc +44 (0) 20 7907 9326
SP Angel Corporate Finance
LLP
Ewan Leggat Nominated Adviser +44 (0) 20 3470 0470
---------------------------- ---------------------
SP Angel Corporate Finance
LLP
Soltan Tagiev Nominated Adviser +44 (0) 20 3470 0470
---------------------------- ---------------------
Andrew Chubb H&P Advisory Ltd. +44 (0) 20 7907 8538
---------------------------- ---------------------
Hugo de Salis St Brides Partners Ltd +44 (0) 20 7236 1177
---------------------------- ---------------------
Cosima Akerman St Brides Partners Ltd +44 (0) 20 7236 1177
---------------------------- ---------------------
Notes
Bluejay is dual listed on the London AIM market and Frankfurt
Stock Exchange and primarily focused on advancing the Dundas
Ilmenite Project in Greenland into production in the near term.
Dundas has been proven to be the highest-grade mineral sand
ilmenite project globally, with a JORC Compliant Resource of 117
million tonnes at 6.1% ilmenite and a maiden offshore Exploration
Target of between 300Mt and 530Mt of ilmenite at an average
expected grade range of 0.4 - 4.8% ilmenite in-situ.
The Company's strategy is focused on securing an offtake partner
and commencing commercial production at Dundas in the near term in
order to create a company capable of self-funding exploration on
current projects and future acquisitions.
Bluejay holds two additional projects in Greenland - the 2,586
sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide ('MMS')
nickel-copper-platinum project ('Ni-Cu-PGM'), which has shown its
potential to host mineralisation similar to the world's largest
nickel/copper sulphide mine Noril'sk-Talnakh, and the 107sq km
Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where
historical work has recovered grades of 41% zinc, 9.3% lead and 596
g/t silver and identified four large-scale drill ready targets.
The Company also has a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
has been restructured to be cost-sustainable whilst determining the
best plan for future development.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOECKCDQDBDBBDD
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