FinnAust Mining has successfully raised £8.5m through a placing around 76.42 million new ordinary shares at 7p, as well as issuing 45 million existing shares at the same price.

Proceeds will be used for evaluation of ilmenite mining at Pituffik located in Greenland.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Gross proceeds to the company are £5.35m with £3.15m used to purchase FinnAust stock from Western Areas, an Australian nickel producer.

Western Areas’ stock holding is now 22.85% and it continues to remain a supportive shareholder.

FinnAust claimed that the placing was significantly oversubscribed, demonstrating an increased level of market interest for the company and its ilmenite project in Greenland.

The company's plan is to provide a proof-of-concept bulk sample from the Pituffik ilmenite project next year and deliver a cash-flow and dividend paying business with a long-term lifespan.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
"Moriusaq Bay shows high ilmenite grades of around 50% to date on active beaches, while the drowned beaches are also expected to carry high-grade ilmenite."

In the first quarter of next year, a new JORC resource will be published, which is currently being prepared. The company will also complete feasibility study work by June next year.

FinnAust expects that bulk sampling and sample preparation would allow it to test concentrate samples by next year and procure offers from consumers and traders to offtake Pituffik material.

The recent climatic changes have enabled easier access in Greenland and its metalliferous targets during the summer season when it becomes free from ice and snow.

Located in the Moriusaq Bay area and Interlak Delta in Greenland, Pituffik is a unique mineral sands deposit.

Moriusaq Bay shows high ilmenite grades of around 50% to date on active beaches, while the drowned beaches are also expected to carry high-grade ilmenite. The Interlak Delta shows +/- 15% ilmenite, which can also be considered a valuable resource.

FinnAust acquired the Pituffik project by issuing shares to vendors of Bluejay Mining.

An AIM listed company, FinnAust Mining is an exploration and development company focusing on projects in Greenland and Finland.