TIDMJAY
RNS Number : 8365F
Bluejay Mining PLC
24 March 2022
24 March 2022
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
THIS ANNOUNCEMENT, INCLUDING THE APPIX, AND THE INFORMATION
CONTAINED HEREIN IS RESTRICTED, AND IS NOT FOR PUBLICATION, RELEASE
OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH ITSUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL TO DO SO.
THIS ANNOUNCEMENT, INCLUDING THE APPIX TO THIS ANNOUNCEMENT, IS
FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN
OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.
THIS ANNOUNCEMENT AND THE APPIX DOES NOT CONSTITUTE OR CONTAIN ANY
INVITATION, SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY
PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY
SECURITIES OF BLUEJAY MINING PLC IN ANY JURISDICTION IN WHICH ANY
SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU
REGULATION NO. 596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS
DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) AND IS IN
ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT
REGULATION.
Bluejay Mining plc ("Bluejay" or the "Company")
Placing of 76,857,134 New Ordinary Shares to raise $7million
(GBP5.3 million)
Bluejay, the AIM and FSE listed, and OCTQB traded, exploration
and development company with projects in Greenland and Finland , is
delighted to announce that it has today raised $7 million (GBP5.38
million) before expenses from a placing of 76,857,134 new ordinary
shares of 0.01 pence each in the capital of the Company ("Placing
Shares") at a placing price of 7 pence per Placing Share (the
"Placing Price") (altogether the "Placing"). The funds raised will
enable Bluejay to complete the necessary feasibility study required
for the Dundas Ilmenite Project in Greenland ("Dundas"), as it
continues to progress the project into production.
Highlights:
-- Total fundraising of $7 million (GBP5.38 million) at 7 pence per share
-- Continued strong support from existing institutional
investors, including the Company's two largest shareholders
-- Increased support from Greenlandic and Danish Government-backed institutions
-- Fundraising will see a major UK institution as a new shareholder
-- Bluejay Directors and officers subscribed for GBP120,000 worth of Placing Shares
-- The proceeds will be sufficient to complete the feasibility
study to the level required for financial sign-off by a lending
syndicate, enabling construction and production at Dundas
Bluejay CEO, Bo Stensgaard, said:
"Being a multi-project Company, Bluejay offers investors
diversification across critical commodities needed for the green
energy revolution in low-risk jurisdictions. We are hugely excited
about the forthcoming work programme at the Disko-Nuussuaq
Nickel-Copper-Cobalt-Platinum Group Metals Project, with our
partner KoBold Metals.
"For our fully permitted Dundas Ilmenite Project, this
transaction marks an important step towards construction and
commercial production. It will secure the completion of the
bankable feasibility study, ensuring that Dundas is as robust and
as profitable as possible. Completion of the feasibility study will
allow authorisation of the funding from a lending syndicate led by
our recently appointed premier European Investment Bank. Having the
lead-arranger involved in the preparation of these studies should
allow for fast-tracked decision making once complete.
"The Company has undertaken an extensive optimisation process to
maximise project economics, and identify lower cost options for
infrastructure, mine and processing solutions. The Company will
commence works at Dundas this forthcoming field-season to complete
the necessary engineering, geo-technical and planning activities,
including evaluation of an optimised mine schedule for production.
The completed study is expected to result in a more resilient
project with more attractive economics and a lower capital cost
requirement for project implementation than previously advised in
the pre-feasibility study.
"Today's announced investment in the Company was supported by
all of our existing institutional shareholders, including the
governmental-backed institutions from Greenland and Denmark, and a
new highly-regarded UK based institution. Both Greenland and
Finland will play an increasingly important role in the future
secure supply of metals necessary for the electrification, battery
and green energy transition. The Company is focussed on achieving
production at Dundas as well as the exciting opportunities offered
by two of the Company's strategic assets, at Disko and Enonkoski,
making this year the most significant yet for the Company".
The Company will use the net proceeds of the equity fund raising
for:
a) Finalisation of the Dundas optimisation and the necessary
feasibility study for funding authorisation.
b) General Corporate purposes and working capital, including the
addition of key-staff for Dundas and the Company.
Details of the Placing
Application has been made for 76,857,134 Placing Shares to be
admitted to trading on the AIM market of the London Stock Exchange
plc ("Admission"). It is expected that Admission will occur on or
around 29 March 2022. The Placing Shares will be credited as fully
paid and rank pari passu with the existing ordinary shares of 0.01
pence each in the capital of the Company ("Ordinary Shares").
SP Angel Corporate Finance LLP ("SP Angel") acted as broker and
placing agent for Bluejay in connection with the Placing.
Director and PDMR Participation
The following Directors and PDMRs participated in the Placing at
the Placing Price:
Name of Director Number of Placing Number of ordinary % interest in
/ PDMR Shares subscribed shares held immediately ordinary shares
for in the Placing following Admission immediately following
Admission
Bo Møller
Stensgaard 71,428 206,428 0.02
-------------------- ------------------------- -----------------------
Roderick McIllree 1,142,857 75,820,635 7.22
-------------------- ------------------------- -----------------------
Michael Hutchinson 142,857 142,857 0.01
-------------------- ------------------------- -----------------------
Peter Waugh 71,428 211,652 0.02
-------------------- ------------------------- -----------------------
Hans Jensen 71,428 571,428 0.05
-------------------- ------------------------- -----------------------
Thomas Levin 71,428 446,428 0.04
-------------------- ------------------------- -----------------------
Kevin Sheil 142,857 2,112,857 0.20
-------------------- ------------------------- -----------------------
Related Party Transaction
The Placing participation from Sandgrove Capital Management LLP
and M&G Investment Management Limited is considered a related
party transaction for the purposes of AIM Rule 13 of the AIM Rules
for Companies. The Directors independent of the Placing consider,
having consulted with SP Angel Corporate Finance LLP, the Company's
Nominated Adviser, that the Placing participation is fair and
reasonable in so far as Bluejay's shareholders are concerned.
Total voting rights
Following the issue of the Placing Shares, the total issued
share capital of the Company will consist of 1,049,714,747 Ordinary
Shares. The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of voting rights in the Company is
1,049,714,747 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.
**S**
For further information please visit
http://www.bluejaymining.com or contact:
Kevin Sheil Bluejay Mining plc enquiry@bluejaymining.com
---------------------------- ----------------------------------
SP Angel Corporate Finance
LLP
Ewan Leggat / (Bluejay Mining Nominated
Adam Cowl Adviser) +44 (0) 20 3470 0470
---------------------------- ----------------------------------
Hannam & Partners
(Bluejay Mining Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
---------------------------- ----------------------------------
Michael Bennet Hill Dickinson (Bluejay Michael.Bennett@hilldickinson.com
Mining Legal Adviser)
---------------------------- ----------------------------------
BlytheRay
Tim Blythe / (Bluejay Mining Press
Megan Ray Contact) +44 (0) 20 7138 3205
---------------------------- ----------------------------------
Notes
Bluejay is listed on the London AIM market and Frankfurt Stock
Exchange and its shares also trade on the OTCQB Market in the US.
With multiple projects in Greenland and Finland, Bluejay has now
secured three globally respected entities as partner, customer, and
co-investor on three of its projects, giving the Company and its
shareholders both portfolio and commodity diversification in high
quality jurisdictions.
Bluejay has signed a definitive joint venture agreement with
KoBold Metals to guide exploration for new deposits rich in the
critical materials for electric vehicles (The Disko-Nuussuaq
Project). Principal investors in KoBold include Breakthrough Energy
Ventures, a climate & technology fund, overseen by Bill Gates,
and whose investors include Michael Bloomberg, Jeff Bezos, and Ray
Dalio. Other investors in KoBold include Andreessen Horowitz, the
premier Silicon Valley venture capital fund and Equinor, the
Norwegian state-owned multinational energy company.
Bluejay's most advanced project is the Dundas Ilmenite Project
in Greenland, which is fully permitted and being developed towards
production in the near term, with preparatory activities scheduled
to commence in 2022. Dundas has a Mineral Resource reported in
accordance with the JORC Code of 117Mt 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 has agreed a Master Distribution Agreement
with a major Asian conglomerate for up-to 340ktpa of its
anticipated 440ktpa annual output. The Company's strategy is
focused on securing financing ahead of commencing commercial
production at Dundas and has appointed a Global Investment Bank as
the lead arranger. This strategy will create a company capable of
self-funding exploration on its current and future projects.
Bluejay holds two additional projects in Greenland - the 692sq
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; and
the 2,025 sq. km Thunderstone project which has the potential to
host large-scale base metal and gold deposits. Bluejay also has a
joint-venture agreement with a mining major at Enonkoski in Finland
and has recently signed a binding agreement for a partial
divestment in a fourth Finnish project.
Dealings by Persons Discharging Managerial Responsibilities
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name 1) Bo Møller Stensgaard
2) Roderick McIllree
3) Peter Waugh
4) Michael Hutchinson
5) Hans Jensen
6) Thomas Levin
7) Kevin Sheil
---------------------- ------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status 1) Chief Executive Officer
2) Executive Chairman
3) Non Executive Director
4) Non Executive Director
5) Managing Director Dundas Titanium A/S
6) Chief Operating Officer (Finland)
7) Corporate Development and Strategy
---------------------- ------------------------------------------------
b) Initial notification Initial Notification
/Amendment
---------------------- ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Bluejay Mining plc
---------------------- ------------------------------------------------
b) LEI 213800E9AEFEHFLOVJ19
---------------------- ------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------------------------------------------------------------------------
a) Description Ordinary shares of 0.01 pence each
of the financial
instrument,
type of instrument
Identification ISIN: GB00BLFJ1613
code
b) Nature of Participation in Placing
the transaction
---------------------- ------------------------------------------------
c) Price(s) Director/PDMR Price Volume
and volume(s) Bo Møller
Stensgaard 7 pence 71,428
--------- ----------
Rod McIllree 7 pence 1,142,857
--------- ----------
Peter Waugh 7 pence 71,428
--------- ----------
Michael Hutchinson 7 pence 142,857
--------- ----------
Hans Jensen 7 pence 71,428
--------- ----------
Thomas Levin 7 pence 71,428
--------- ----------
Kevin Sheil 7 pence 142,857
--------- ----------
---------------------- ----------------------------------------------
d) Aggregated
information
- Aggregated
volume 1,714,283
- Price 7 pence
e) Date of the 23 March 2022
transaction
---------------------- ------------------------------------------------
f) Place of Outside a trading venue
the transaction
---------------------- ------------------------------------------------
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