Bass transaction update ...
November 18 2015 - 2:01AM
UK Regulatory
/**/
RNS Number : 0999G
Stratmin Global Resources PLC
18 November 2015
18 November 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, notes the
release of today's announcement by funding partner, Bass Metals Ltd
(ASX:BSM) ("Bass").
Please follow a link below to the Bass
announcement:
http://www.rns-pdf.londonstockexchange.com/rns/0999G_-2015-11-18.pdf
Bass has informed Stratmin that they
will complete the remaining payments for the first tranche of the
transaction announced on 2 September 2015 as soon as possible and
no later than 31 December 2015. Following negotiation, the second
tranche, totalling £1,500,000 will be deferred until the first quarter of 2016 to
allow for funding from the announced settlement to be
maximised.
Brett Boynton, CEO,
commented:
"This is an outstanding development
for Bass and StratMin. With zero dilution for shareholders, Bass
has substantially funded their 25% farm in to Graphmada.
"We have worked closely with the
Bass team over the last few months to bring in the minimum funding
required and give them time to achieve this settlement. They are
now positioned to complete the initial tranche of our deal and
further capitalise their company to fund the expansion of our
graphite production through their investment in
Graphmada.
"The Australian market reacted
positively to the news with Bass trading up over 25% during the
day.
"Getting to this outcome required
patience, but the time has been well used with the StratMin ground
team making significant headway on the refurbishment programme at
the plant. Twenty-four hour production is continuing. We have been
extremely busy on site and will shortly be able to share updates on
both production advances and interim results from the exploration
program. We are looking forward to a strong run to the year end and
an exciting year ahead."
For further information please
visit www.stratminglobal.com or contact:
StratMin Global Resources
Plc
Brett Boynton, CEO
|
+44 (0) 20 3691
6160
|
Strand Hanson (Nominated &
Financial Adviser)
Rory Murphy / James Spinney /
Ritchie Balmer
|
+44 (0) 20 7409 3494
|
Beaufort Securities
(Broker)
Jon Belliss
|
+44 (0) 20 7382 8300
|
Blytheweigh (Financial
PR)
Camilla Horsfall/Megan
Ray
|
+44 (0) 20 7138 3204
|
This information is provided by RNS
The company news service from the
London Stock Exchange
END
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