Aim- and FSE-listed Bluejay Mining has conditionally raised £17-million through an equity raising to support the advancement of the Dundas ilmenite project, in Greenland.
These funds will support the company’s objectives of starting production, resource expansion, feasibility studies, licensing applications and mine construction, many of which are due for completion in the coming months.
Bluejay will raise the equity through 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 a share.
“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,” said Bluejay CEO Roderick McIllree on Friday.
Alongside the Dundas project, Bluejay is also advancing its wider portfolio. McIllree said that the Disko project, also in Greenland, had shown its potential to host a large scale nickel, copper, cobalt and platinum group metals magmatic massive sulphide target.