TIDMJAY
RNS Number : 9125Z
Bluejay Mining PLC
17 January 2024
17 January 2024
Bluejay Mining plc / Ticker: JAY / Market: AIM / Sector:
Mining
Bluejay Raises GBP1.2 Million
Bluejay Mining plc (' Bluejay ' or the ' Company '), the AIM,
FSE listed and OTCQB traded exploration and development company
with projects in Greenland and Finland, is pleased to announce a
successful capital raise of GBP1.2 million, with a GBP150,000
contribution from the Board of Directors. These funds coupled with
recent strategic leadership changes allows Bluejay to restore faith
and focus on the Company's assets and reinvigorate momentum on its
portfolio of high quality projects.
Highlights:
-- GBP1.2 Million Capital Raise: Strong support shown by UK
institutions and existing shareholders is a testament to renewed
investor confidence in the Company's strategic realignment.
-- WH Ireland appointed joint broker to the Company
-- New Board Members' Contribution: The new members of the Board
of Directors have collectively contributed GBP150,000, underscoring
their commitment to Bluejay's renewed strategic focus as the
Company refocuses on core activities.
-- Leadership Transition: With a renewed focus on delivering
significant and sustained shareholder value, Bluejay Mining
welcomes Eric Sondergaard as the new Managing Director. Mr
Sondergaard, who has extensive experience working in challenging
and remote locations, is set to lead the Company through a period
of stabilisation and expected growth in the coming months.
-- Cost Reduction Initiatives: Bluejay has undertaken a
strategic review of the existing operations, and implemented
substantial cost reductions across the entire organisation.
-- Renewed Focus on the Disko-Nuussuaq Project: Bluejay remains
dedicated to its primary focus, the 2,776 square kilometre
Disko-Nuussuaq Magmatic Massive Sulphide
nickel-copper-platinum-cobalt project ('Disko'), located on the
west coast of Greenland. The Company has a joint venture with
KoBold Metals and is working to agree value enhancing work
programmes for 2024. Disko has the potential to host a truly
world-class nickel-copper-cobalt deposit.
-- Portfolio Enhancement: Bluejay is evaluating various
opportunities to hand to enhance shareholder value from within its
broader portfolio to create short term value for shareholders.
Eric Sondergaard, Managing Director, stated:
"I am honoured to have been entrusted to lead the Company
through this transformative period. The Board recognises a notable
disparity between the intrinsic value of our projects and our
current market capitalisation.
"Bluejay's sole purpose is to deliver accretive shareholder
value. We believe in the immense potential of our projects,
particularly the Disko-Nuussuaq Project, which has the potential to
provide green transition metals on a large scale, in a time where
demand is expected to continue to increase significantly, driven by
the energy transition, and we are determined to bridge the gap
between our true value and the market's perception.
"While we implement robust cost reduction measures aimed at
ensuring our near-term financial stability, it is important to
acknowledge that these initiatives may take some time to fully
reflect in our financial performance.
"With a strategic vision and a fully supportive Board of
Directors, we are confident that Bluejay will emerge stronger, more
resilient, and better positioned to maximise shareholder returns.
Our focus remains on delivering tangible and lasting value to our
investors as we navigate this journey of growth and prosperity.
Thank you for your patience and we look forward to enjoying the
future successes with you."
For further information please visit
http://www.bluejaymining.com or contact:
Eric Sondergaard Bluejay Mining plc eric@bluejaymining.com
---------------------------- -----------------------
SP Angel Corporate Finance
LLP
Ewan Leggat / Adam (Nominated Adviser and
Cowl Broker) +44 (0) 20 3470 0470
---------------------------- -----------------------
Tim Blythe / Megan
Ray / BlytheRay
Said Izagaren (Media Contact) +44 (0) 20 7138 3205
---------------------------- -----------------------
About Bluejay Mining plc
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 offers
both portfolio and commodity diversification focused on base and
precious metals in Tier 1 jurisdictions.
Bluejay, through its wholly owned subsidiary Disko Exploration
Ltd., has signed a definitive Joint Venture Agreement with KoBold
Metals to guide exploration for new deposits rich in the critical
materials required for the green energy transition and electric
vehicles (the Disko-Nuussuaq nickel-copper-cobalt-PGE Project).
This project is Bluejay's primary focus.
Disko Exploration Ltd holds two additional projects in Greenland
- the 692 sq km Kangerluarsuk zinc-lead- silver project, where
historical work has recovered grades of up to 45.4% zinc, 9.3% lead
and 596 g/t silver; and the 920 sq km Thunderstone project which
has the potential to host large-scale base metal and gold deposits.
Bluejay also owns 100% of the fully permitted Dundas Ilmenite
Project under its subsidiary Dundas Titanium A/S in northwest
Greenland.
In Finland, Bluejay currently holds three large scale
multi-metal projects through its wholly owned subsidiary FinnAust
Mining Finland Oy. The Company has identified multiple drill ready
targets at the Enonkoski nickel-copper-cobalt project in East
Finland. Bluejay's Hammaslahti copper-zinc-gold-silver project
hosts high-grade VMS mineralisation and extensions of historical
ore lodes have been proven. The drill ready Outokumpu
copper-nickel-cobalt-zinc-gold-silver project is located in a
prolific geological belt that hosts several high-grade former
mines. In August 2023, Bluejay successfully divested its Black
Schist Projects in Finland to Metals One plc in a transaction worth
GBP4.125 million (Bluejay currently owns c. 29% of the issued
ordinary share capital of AIM listed Metals One plc).
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