Bluejay Mining plc CEO Roderick McIllree said of the placing to raise £17 million, “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.”
Bluejay Mining plc (LON:JAY), the AIM and FSE listed company with projects in Greenland and Finland, this morning told DirectorsTalk 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 at a placing price of 22p pence per New Share. The funds raised will primarily support Bluejay in its rapid advancement of the Dundas Ilmenite Project in Greenland 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.
