Stratmin Global Resources PLC Bass transaction update (9731C)
October 21 2015 - 7:01AM
UK Regulatory
TIDMSTGR
RNS Number : 9731C
Stratmin Global Resources PLC
21 October 2015
21 October 2015
StratMin Global Resources Plc
("StratMin" or the "Company")
Bass transaction update
StratMin Global Resources Plc (AIM: STGR), London's only listed
graphite production and exploration company, announces that it has
progressed the transaction with ASX listed Bass Metals Ltd
("Bass"), details of which were announced on 2 September 2015 and 1
October 2015 (the "Transaction"), and that further instalment
payments of the Initial Investment have been made by Bass.
Bass has informed Stratmin that it has transferred amounts
totalling A$0.3 million (approximately GBP140,000) in two
instalments to Stratmin. Stratmin expects that the first instalment
will be received in its accounts tomorrow, 22 October 2015, with
the second by the end of the week.
Following discussions with Bass, the board of directors of
Stratmin (the "Board") has agreed to extend the date for payment of
the Initial Investment, based on Bass' demonstrable commitment to
the Transaction, and will announce a revised timetable in due
course. It is the Board's expectation that the Initial Investment
will be completed shortly.
Brett Boynton, CEO, commented:
"We have been working very closely with Bass on the Transaction
and they have generated significant investment interest in the
development of Graphmada. They have advised there is a brief delay
in the funding programme, but we expect to proceed with the
transaction in short order and will provide detailed disclosure as
soon as possible. In the interim we continue with production and
sales."
Capitalised terms in this announcement carry the same meaning as
ascribed to them in the announcements of 2 September 2015 and 1
October 2015, unless the context requires otherwise.
For further information please visit www.stratminglobal.com or
contact:
StratMin Global Resources Plc +44 (0) 20
Brett Boynton, CEO 3691 6160
Strand Hanson (Nominated & Financial
Adviser) +44 (0) 20
Rory Murphy / Ritchie Balmer 7409 3494
Beaufort Securities (Broker) +44 (0) 20
Jon Belliss 7382 8300
Blytheweigh (Financial PR) +44 (0) 20
Camilla Horsfall / Megan Ray 7138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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