Directors’ Subscriptions
Directors subscribed for 83.3m shares at 0.03p raising £25,000 before expenses.
- Funds raised £25,000
- Subscription shares issued 83,333,333
- Price per share 0.03 pence
- Patrick Cheetham holding post-subscription 117,972,857 shares (2.38%)
- Enlarged issued share capital 4,963,009,573 ordinary shares
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Further to the Company's announcement of a Placing on 6 June 2025 (the "Placing" and the "Placing Announcement") and following the release of its Interim Results on 27 June 2025, Tertiary Minerals plc (AIM: TYM) is pleased to announce that it has now raised a further £25,000 (before expenses) from certain directors of the Company as notified in the Placing Announcement.
Consequently, a further 83,333,333 new ordinary shares of 0.01 pence each in the Company (the "Subscription Shares") have been issued to certain directors at a price of 0.03 pence per share as detailed below (the "Directors' Subscriptions").
| Holding prior to Directors' Subscriptions | Number of Subscription Shares acquired pursuant to the Directors' Subscriptions | Holding immediately following Admission of the Subscription Shares | |||
|---|---|---|---|---|---|
| Number of Ordinary Shares | % of issued share capital | Number of Ordinary Shares | Number of Ordinary Shares | % of issued share capital | |
| Richard Belcher Managing Director | 873,362 | 0.02% | 33,333,333 | 34,206,695 | 0.69% |
| Patrick Cheetham, Executive Chairman | 84,639,524* | 1.73% | 33,333,333 | 117,972,857* | 2.38% |
| Donald McAlister, Non-Executive Director | 2,937,609 | 0.06% | 16,666,667 | 19,604,276 | 0.40% |
*includes 2,843,625 held by K E Cheetham
As directors of the Company, Messrs Belcher, Cheetham and McAlister are "related parties" of the Company under the AIM Rules for Companies (the "AIM Rules"). As a result, their subscription for the Subscription Shares constitutes a related party transaction pursuant to Rule 13 of the AIM Rules.
- Mike Armitage, being the sole independent Director in the matter of the Directors Subscription, having consulted with the Company's Nominated Adviser, SP Angel Corporate Finance LLP, is satisfied that the terms of the Directors' Subscription are fair and reasonable insofar as the Company's shareholders are concerned. The Directors' Subscriptions have been made on the same terms as the Placing.
Admission
The Subscription Shares will rank pari passu with the Company's existing ordinary shares. An application has been made to the London Stock Exchange for admission of the Subscription Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around 7 July 2025.
Use of Proceeds
As per the Placing, the net funds raised by the Directors' Subscriptions will be applied towards drilling at the Company's Mushima North Project and for working capital.
Total Voting Rights
Following Admission of the Subscription Shares the Company's enlarged issued share capital will be 4,963,009,573 ordinary shares.
The Company holds no ordinary shares in treasury. The total number of voting rights in the Company is therefore 4,963,009,573 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
| 2. | Reason for the notification | |
| a) | Position/status: | 1. Executive Chairman 2. Managing Director 3. Non-Executive Director |
| b) | Initial notification/Amendment: | Initial notification |
| a) | Name: | Tertiary Minerals plc |
| b) | LEI: | 213800OT9C6DQN9VO543 |
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary Shares of 0.01 pence each GB0008854563 |
| b) | Nature of the transaction: | Participation in the Placing and Subscription |
| c) | Price(s) and volume(s): | 1. Patrick Cheetham Participation in the Subscription Price(s) Volume(s) 0.03 pence 33,333,333 2. Richard Belcher Participation in the Subscription Price(s) Volume(s) 0.03 pence 33,333,333 3. Donald McAlister Participation in the Subscription Price(s) Volume(s) 0.03 pence 16,666,667 |
| d) | Aggregated information: Aggregated volume: Price: | Participation in the Subscription Price(s) Volume(s) 0.03 pence 83,333,333 |
| e) | Date of the transaction: | 1 July 2025 |
| f) | Place of the transaction: | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.