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Bluejay Mining raises £1.2m for Disko project

Bluejay Mining (LON: JAY) has raised £1.2m via a placing at 0.4p/share. That was slightly more than the £1.1m originally asked for.

The placing was announced as the market was closing. The share price had already dipped 0.015p to 0.46p.

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AIM-quoted Bluejay Mining has projects in Greenland and Finland. The new strategy is to focus on the Disko-Nuussuaq nickel copper cobalt PGE project. The cash will finance field activities and regulatory and licensing costs. It will also help to fund project divestment activities and general working capital.

Four directors are buying 37.5 million shares between them. Troy Whitaker and new managing director Eric Sondergaard did not previously hold shares. Mike Hutchinson has taken his stake to 0.92% and Rob McIllree wIll own 6.08%.

The placing is in two tranches. A general meeting is required to gain shareholder approval for the issue of the second tranche of shares. The general meeting is on 5 February.

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