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Bluejay Mining PLC Chair Robert Edwards on Tuesday announced a project update following a strategic review of the multi-commodity mining exploration company’s portfolio. Bluejay Mining is a mineral exploration and development company with projects in Greenland and Finland. Following the review, Chair Edwards said a potential demerger of its subsidiary Disko Exploration Ltd from Bluejay, mulled in June last year, would not benefit shareholders. Bluejay Mining shares fell 18% to 3.92 pence each in London on Tuesday morning. The company explained that moving forward, some of its lesser known, 100%-owned projects will be drilled this season. Its central west Greenland-based Kangerluarsuk zinc-lead-silver project will receive ‘particular imminent focus’. In relation to this, Bluejay announced a $6 million equity raise, with the first tranche of $2 million being used to fund a drilling programme at Kangerluarsuk in summer. The raise, at an initial price of 10p, is a staged share subscription by US institutional investor Towards Net Zero LLC. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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