Tertiary Minerals (LON:TYM) has raised £165,937 under its £10mln equity finance facility (EFF) with Darwin Strategic Limited.
Under the terms of the EFF the company has drawn down a net amount of £157,640 through the issue of 2,730,000 new ordinary shares of 1p each to Darwin at a gross price of 6.0783p per share.
It is the first draw-down under the EFF, which has been available since June 2012.
The funds raised will be applied in part towards the recently announced work programme on the MB fluorspar project in Nevada and will preserve the company's existing cash for the more advanced Storuman and Lassedalen fluorspar projects in Scandinavia.
Commenting today, Executive Chairman Patrick Cheetham said: "A small fundraising suits the company as the board believes, and its broker research confirms, that the company is significantly undervalued and we want to minimise shareholder dilution. The Darwin facility gives us this flexibility."