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Tertiary Minerals (TYM) – Notification of Major Holdings – Bergen Asset Management
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: |
Tertiary Minerals PLC |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligationiv |
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Name |
Bergen Asset Management, LLC |
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City and country of registered office (if applicable) |
Delaware, USA |
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4. Full name of shareholder(s) (if different from 3.)v |
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Name |
BNP Paribas Securities Services as Custodian for Bergen Global Opportunity Fund, LP. |
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City and country of registered office (if applicable) |
New York, USA |
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5. Date on which the threshold was crossed or reachedvi: |
26 November 2019 |
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6. Date on which issuer notified (DD/MM/YYYY): |
28 November 2019 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuervii |
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Resulting situation on the date on which threshold was crossed or reached |
7.32% |
N/A |
7.32% |
478,075,665 |
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Position of previous notification (if applicable) |
N/A |
N/A |
N/A |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rightsix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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35,000,000 |
7.32% |
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SUBTOTAL 8. A |
35,000,000 |
7.32% |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlementxii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii |
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Full chain of controlled undertakings through which the voting rights and/or the |
X |
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Namexv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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Bergen Global Opportunity Fund, LP |
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Bergen Asset Management, LLC |
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Eugene Tablis |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional informationxvi |
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Place of completion |
Florida, USA |
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Date of completion |
27 November 2019 |
END
Tertiary Minerals (TYM) Issue of Convertible Security
The Company hereby announces that on 26 November 2019 it has issued a convertible security with the nominal value of £263,000 (at the purchase price of £232,000) pursuant to, and on and subject to the terms and conditions set out in, the convertible securities issuance deed dated 19 November 2019, the details of which were disclosed to the market on 20 November 2019.
For more information please contact:
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Tertiary Minerals plc: |
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Richard Clemmey, Managing Director |
+44 (0) 1625 838 679 |
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Patrick Cheetham, Chairman |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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About Tertiary Minerals plc
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Tertiary Minerals plc (TYM) Secures up to £622,000 Investment by way of Convertible Securities
Highlights:
- Up to a nominal amount of £653,000 in zero coupon convertible securities allows Tertiary Minerals plc to fund the planned exploration programmes on its recently acquired Pyramid Gold and Paymaster Polymetallic Projects in Nevada and for general working capital purposes.
- Funding provided by U.S. based fund, Bergen Global Opportunity Fund, LP, an institutional investor.
- Staged funding potentially minimises dilution to existing shareholders.
The Company announces that it has entered into a convertible securities issuance deed (the “Agreement”) with Bergen Global Opportunity Fund, LP (the “Investor”), a U.S. based institutional investment fund, in connection with an issuance by the Company of zero coupon convertible securities having a nominal amount of up to £653,000 (the “Convertible Securities”).
The Convertible Securities will (subject to satisfaction of certain conditions) be issued in tranches and the Company will make an announcement of the issue of each Convertible Security. The initial Convertible Security will have the purchase price of £232,000 and the nominal value of £263,000 and will be issued shortly. Any subsequent Convertible Securities will be issued at a time agreed between the Company and Investor and will be purchased at their nominal value. The aggregate nominal value of any subsequent Convertible Securities issued will be determined by mutual consent of the Company and Investor but will not exceed £390,000.
Each of the Convertible Securities will have a term of 24 months.
The Convertible Securities will (subject to the satisfaction of certain conditions) be convertible into ordinary shares of the Company (the “Shares”), in whole or in part, at the option of Investor. The Company will make an announcement each time any Convertible Securities are converted in whole or in part and will specify in such announcement the relevant conversion price, which will be, at Investor’s election: (a) 95% of the average of five daily volume-weighted average prices of the Shares on AIM during a specified period preceding the relevant conversion or (b) 135% of the average of the daily volume-weighted average prices of the Shares for the 20 consecutive trading days immediately prior to 19 November 2019.
The Investor has agreed to certain, substantial, limitations on its ability to dispose of the Shares following a conversion of the Convertible Securities. The Investor is also contractually precluded from shorting the Company’s shares.
The Company will have the right to repurchase the initial Convertible Security for cash at 100% of its nominal value (and without a fee or penalty) within 120 days of the issue date of the initial Convertible Security.
In connection with the Agreement:
(A) the Company will issue to the Investor 17,000,000 Shares by way of a commencement fee in relation to the overall funding (“Commencement Fee Shares”);
(B) the Company will issue to the Investor 18,000,000 Shares at par to collateralise the investment (“Collateral Shares”). Investor may be required to make a further payment to the Company once all of the obligations of the Company under the Agreement have been finally met and no amount remains outstanding to the Investor, depending on the price of Shares at such time; and
(C) the Company has agreed that it will issue 22,000,000 warrants with an exercise period of 48 months from the date of issue (the “Warrants”) to the Investor entitling the Investor (or any subsequent holder of the Warrants) to subscribe for one Share per Warrant at the exercise price equal to 0.33588 pence.
The Company has applied for admission of the Commencement Fee Shares and Collateral Shares to trading on AIM, and this is expected to become effective at 8:00a.m. on or around 26 November 2019.
Application will be made to the London Stock Exchange for any Shares issued and allotted on exercise of the Warrants or conversion of the Convertible Securities to be admitted to trading on AIM. The Convertible Securities will only be issued to the extent that the Company has corporate authority to do so.
The proceeds for the issue of the Shares and the Convertible Securities will be used by the Company to fund the planned exploration programmes on its recently acquired Pyramid Gold and Paymaster Polymetallic Projects in Nevada and for general working capital purposes.
Total Voting Rights
Following admission of the Commencement Fee Shares and Collateral Shares, the Company will have 478,075,665 Shares in issue with each Share carrying the right to one vote. There are no Shares currently held in treasury. The total number of voting rights in the Company is therefore 478,075,665 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
Richard Clemmey, Managing Director of the Company, commented today: “The current market for natural resource companies remains very challenging and we are therefore pleased to have secured a flexible method of financing as opposed to a straight equity raise which, in the current market, often come at a large discount to the share price and would be highly dilutive.”
“The staged funding now enables the Company to move ahead with exploration and development on our two new exciting projects, Pyramid and Paymaster.”
About Tertiary Minerals plc
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.
About Bergen Asset Management LLC
Based in the U.S., Bergen Asset Management, LLC is an institutional investor with a particular focus on direct investments in small-cap companies around the world, and a track record of success.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For more information please contact:
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Tertiary Minerals plc: |
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Richard Clemmey, Managing Director |
+44 (0) 1625 838 679 |
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Patrick Cheetham, Chairman |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Tertiary Minerals: A bargain catch in a monster mining region
- Nevada continues to shine
- A change in direction for Tertiary Minerals
- Paymaster project shows promise
- Pyramid Project: A golden catch
- Gold and Silver on the rise
Nevada continues to shine
Ranked as the world’s top jurisdiction for mining investment – when it comes to fishing for metals, Nevada looks to be the place to net a winner.
At the beginning of July mining super-heavy-weights Barrick Gold and Newmont Goldcorp announced the official launch of their huge joint gold mining venture in Northern Nevada – marking another prestigious boost for the world-class mining jurisdiction.
Following a visit to the joint projects Nevada Governor Steve Sisolak commented:
“There’s a reason why Nevada is ranked as one of the more attractive jurisdictions in the world for mining investment. It’s not only the geological attractiveness, but that we have a true partnership with the state and federal government in growing a responsible, safe, and beneficial industry for our local communities”
Tertiary Minerals a fresh strategy kick starts with Nevada Prospects
Another company that’s been hooked by Nevada’s outstanding mining opportunities is AIM- traded mineral exploration and development company Tertiary Minerals (AIM:TYM).
Over the last year the company has made a strategic move to broaden its portfolio beyond the existing focus on fluorspar. As well as maintaining projects for the EU listed critical mineral, Tertiary are now aiming to build a multi-commodity project portfolio including precious metals, base metals and industrial minerals.
The company are hopeful that by targeting a number of mining friendly jurisdictions they can provide shareholders with exciting projects capable of generating revenue across a shorter timescale, as well as earlier stage projects which can be developed organically.
With its rich mining history, geology and supportive government the company have set their sights on Nevada to provide this, announcing the acquisition of two new projects in the state; the Paymaster polymetallic project and the Pyramid gold project.
Paymaster project shows promise
Back in February, Tertiary staked claim to the Paymaster zinc-copper-silver-Cobalt-Tellurium prospect, an area of more than 390 acres located approximately 30km south west of Tonopah, Nevada.
The project showed immediate promise with Tertiary revealing that grab samples had produced significant assays up to 21% zinc, 6.5% lead, 3.3% copper and 253g/t silver as well as high levels of high-tech metals tellurium and cobalt. 
Shareholders were left waiting in anticipation until July for further sample results. But the wait appears to have been well worth it.
Soil sampling revealed two large zones of zinc-silver mineralisation for follow-up exploration, with rock sampling from their Valley Prospect providing assays of 7.5% zinc, 4.3% lead and 180g/t silver.
Richard Clemmey, Managing Director of the Company, commented: “We are pleased to be reporting these two new targets as a result of follow up of our soil sampling results at the Paymaster Project and to be closing in on drill targets at such an early stage in the life of the project.”
Pyramid Project a golden opportunity
Quick to keep developing their portfolio, Tertiary soon set their sights on Gold, securing a 20-year lease (with the option to buy) over a group of nine patented claims in the Walker Lane area.
With Walker Lane rated such a highly prospective area for gold mining,, Tertiary did extremely well to snap up the site. Particularly considering that historic drilling results at hole PYR9 intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole.
As commented by MD Mr Clemmey “Projects with high-grade gold results in drilling that have not already been followed up are hard to find in Nevada.”
Gold and Silver shine demonstrating safe haven potential
Now looks as good a time as ever for Tertiary to be digging for gold and silver. The precious metals have once again demonstrated their safe-haven qualities during the recent periods of economic uncertainty.
Earlier in August gold prices surged through $1,500 a troy ounce for the first time in over six years, whilst silver broke above the $17 a troy ounce mark for the first time since the 14th June 2018. These results perhaps a demonstration of the unique security that gold and silver stocks can offer during economic slowdowns.
Meanwhile, Tertiary will be pleased to hear that Commerzbank’s raw materials analyst Daniel Briesmann has predicted that prices for the metal are on the up. He’s forecast a three-month price of $2,800 per tonne at the end of 2019. Zinc is currently at around $2,260 per tonne.
“I don’t see production coming back onto the market at current levels, so I think we will see a supply deficit, which has already been recorded for the first months of the year” said Briesmann.
Tertiary a bargain
All said, sat just above it’s lowest price of 0.18p, at just 25p, Tertiary looks to be a bargain catch for investors, and offering significant upside potential.
As well as the two highly promising additions discussed, Tertiary’s portfolio includes three strategic fluorspar deposits located in Europe and the USA containing JORC compliant Mineral Resources of over 13 million tonnes of fluorspar mineral.
Fluorspar is an EU listed critical mineral used primarily in metallurgical, ceramics, and chemical industries; as well as for, optical, lapidary, and other important uses.
However, it’s Tertiary’s Paymaster and Pyramid projects which I’d recommend keeping your eyes on. As news starts to flow from these projects and investors catch on I’d expect to see the share price jump.
Back to our analogy ‘fishing for metals’.. always remember, good things come to those who bait! Sorry, I mean wait. These projects are in their early stages. So set out your camping chair, cast your lines and wait to reel it in.
By Harry Dacres-Dixon
Sources:
Brand Communications – Treasure Hunting in Nevada with Tertiary Minerals (TYM): Walker Lane marks the spot for gold
Brand Communications – Tertiary Minerals plc (TYM) New Project Acquisition and MB Project Update
Brand Communications – Tertiary Minerals (TYM) – New Project Acquisition in the Pyramid Mining District of Nevada, USA
Fastmarkets AMM – Analysts divided on 2019 zinc price forecast
Financial Times – Gold prices top $1,500 as haven rally accelerates
Kitco – Gold and Silver Prices Explode to the Upside