Bluejay Mining plc conditionally raised £17 million via a placing of 77,272,728 new ordinary shares at 22 British pence apiece, it said Feb. 2.
The funds will be used to advance the Dundas ilmenite project in Greenland, including completing environmental and social impact assessments in the spring.
In the second quarter, the company plans to complete a mineral resources estimate, finalize a pre-feasibility study and file the exploitation application, approval of which is expected in the fourth quarter.
Bluejay will also conduct a work program this year at the Disko nickel-copper-cobalt-platinum project in West Greenland.
