StockMarketWire.com - Bluejay Mining has raised £3.5m, before expenses, following an oversubscribed placing.

The company said it would use the net proceeds to fund development work in relation to the Pituffik project in Greenland as well as for general working capital purposes.

Bluejay said 138,611,112 existing ordinary shares had been placed on behalf of Western Areas and 29,166,667 new ordinary shares had been placed on behalf of the company at 12p apiece.

Bluejay said the placing was significantly oversubscribed and a number of existing sharesholders, being persons discharging managerial responsibilities, had agreed to make 5,000,000 existing ordinary shares available for inclusion in the placing.

Chief executive Roderick McIllree said: "This is a good result and we are very pleased with the interest that was shown.

"The offer was well covered by more than two times.

"We have a busy year ahead of us and with a strong institutional shareholder base we expect that this will now become a lot easier.

"I look forward to updating shareholders as things develop."




At 8:05am: [LON:JAY] Bluejay Mining Plc Ord 0.01p share price was -1p at 15.5p



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