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Western Areas sells 19% stake in Bluejay Mining for A$27M

Western Areas Ltd. completed the sale of its entire stake in Bluejay Mining plc, which totals to about 18.8% of the latter's total issued share capital.

The company said June 9 that it sold the stake for net proceeds of A$27 million, and the transaction is scheduled for settlement June 15.

Meanwhile, Bluejay said June 8 that it intends to raise gross proceeds of up to £3.5 million by placing new shares at 12 British pence apiece.

Bluejay intends to use the net proceeds to fund development work at its Pituffik titanium project in Greenland as well as for general working capital purposes.