Stratmin Global Resources PLC General Meeting - All Resolutions Passed (4954W)

TIDMSTGR

RNS Number : 4954W

Stratmin Global Resources PLC

28 January 2013

 
   28 January 2013   For Immediate Release

StratMin Global Resources plc

("StratMin" or the "Company")

Result of General Meeting

StratMin Global Resources Plc (AIM: STGR), the London listed graphite production and exploration company focused on Madagascar, is pleased to announce that all resolutions put to shareholders at the General Meeting held earlier today were duly passed.

Dealings are expected commence at 8.00 a.m. on 29 January 2013. This follows a share consolidation of every ten existing StratMin Shares of 0.4p each into one new StratMin Share of 4p, the completion of a placing of 30,060,000 Convertible Loan Notes of 5 pence each with an aggregate value of GBP1,503,000, raising in aggregate approximately GBP1.5 million (before expenses) and the acquisition of Graphmada Equity Pte Limited ("Graphmada").

Key Highlights:

-- GBP25.5 million consideration for the acquisition, which has been satisfied through the issue of 51,000,000 new ordinary shares of 4p each at a price equivalent to 5p per share;

-- placing of 30,060,000 Convertible Loan Notes of 5p, raising GBP1,503,000 before expenses; and

-- creation of UK's only quoted graphite miner, with phased production ramp up scheduled over the next two quarters.

The placing provides sufficient funds for working capital requirements and enables the Company to:

-- provide for the continuous operation and maintenance of the existing 12,000 tonnes per annum graphite processing facility at the Loharano Graphite Project;

-- review expansion opportunities of the graphite processing facility at the Loharano Graphite Project;

-- conduct a drilling program within the Loharano Licence area to upgrade the existing resource and also prove up additional graphite resources;

   --     install an upgraded graphite drying facility at Loharano; and 
   --     acquire additional earth moving equipment.

The strategy of StratMin is to focus on the graphite mining sector through the development of Graphmada's existing Loharano Graphite Project. The Company will continue to review and consider other opportunities in strategic minerals that are supplementary and complementary to the business.

On admission, the Company will have 60,060,998 ordinary shares admitted to trading on AIM. The Graphmada concert party, details of which are set out in the admission document, is interested in 52,836,803 Ordinary Shares, representing 87.2% of the issued share capital on admission.

Gobind Sahney, Chairman of StratMin, commented "We are extremely pleased with the successful outcome of today's General Meeting. It is a clear indication that our vision to transform StratMin into a producing graphite mining company is well understood and supported by our shareholders. This acquisition of Graphmada concludes a major milestone for StratMin and we look forward to becoming a significant player in the graphite market to the benefit of our shareholders."

Enquiries:

 
 StratMin Global Resources Plc 
                                                     +44 (0) 207 467 
 Gobind Sahney                                                  1700 
 
 Libertas Capital Corporate Finance Limited 
  (Nomad and Joint Broker) 
                                                     +44 (0) 207 569 
 Sandy Jamieson/Ciaran Walsh                                    9650 
 
 Peterhouse Corporate Finance 
  (Joint Broker) 
                                                    + 44 (0) 20 7562 
 Jon Levinson                                                   3357 
 
 Optiva Securities Limited 
  (Joint Broker) 
                                                     +44 (0) 20 3137 
 Jeremy King                                                    1904 
 
 Tavistock Communications 
  (Financial PR and IR) 
                                                     +44 (0) 207 920 
 Jessica Fontaine/Simon Hudson/Conrad Harrington                3150

This information is provided by RNS

The company news service from the London Stock Exchange

END

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