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FinnAust Mining granted offshore exploration license for Pituffik titanium project

FinnAustMining Plc was granted an extension of its existing license toinclude all minerals within the shallow marine environment at the Pituffiktitanium project.

According to the July 13 statement, this was the firstmarine-based exploration license for minerals granted by the Self RuleGovernment of Greenland.

The existing license, 2015/08, is now expanded to an area ofabout 150 square kilometers, half of which covers the shallow marineenvironment.

Meanwhile, FinnAust raised £500,000 by placing 10.0 millionnew ordinary shares at 5 pence per share.

The company will use the funds to start work at the Pituffikproject and conduct due diligence on potential acquisitions.

FinnAust acquired a 60% stake in Bluejay Mining Ltd., which owns the 126-square-kilometerPituffik project.