Stratmin Global Resources PLC Completion of £500,000 first tranche funding (6665K)
January 04 2016 - 2:32AM
UK Regulatory
TIDMSTGR
RNS Number : 6665K
Stratmin Global Resources PLC
04 January 2016
4 January 2016
StratMin Global Resources Plc
("StratMin" or the "Company")
Completion of GBP500,000 first tranche funding from Bass
StratMin Global Resources Plc (AIM: STGR), London's only listed
graphite production and exploration company, announces that ASX
listed Bass Metals Ltd ("Bass") completed the transfer of the
remaining portion of the first tranche funding of GBP500,000 under
the deal announced on 2 September 2015 (the "Transaction").
With the completion of this tranche of funding, Bass owns 6.5%
of Graphmada Mauritius and StratMin holds the balance. The
companies are now working together to complete the second tranche
of funding of an additional GBP1,500,000 by 31 March 2016, after
which the Bass holding in Graphmada Mauritius will increase to 25%.
The investment of GBP2,000,000 is based on a valuation of Graphmada
Mauritius of GBP6,000,000 or 4.03p per share value for StratMin, a
significant premium to the current share price.
Funding provided by Bass over the last four months has been
applied to a number of improvements in plant and machinery at the
Loharano operation. The final transfer has enabled Stratmin to
order a complete new power supply solution for the plant and a new
Cummins diesel generator is currently being prepared for delivery
to site. This is a key component in the on going plant
refurbishment program. The new generator capacity will enable
reliable power supply matched to the increased demand from
production expansion over the last quarter. The new unit ordered
has acoustic dampening, so in addition to expected gains in fuel
efficiency it will also cut the noise footprint, making us better
neighbours in our community.
Brett Boynton, CEO, commented:
"The completion of the first tranche of funding from Bass gets
us off to a great start for 2016. We had an extremely busy final
quarter in 2015 with increased production and parallel plant
refurbishments, but the team are already back on site after a short
break over the festive season.
"We are working well with Bass and are very encouraged with the
response from the Australian market. The next quarter will be a
busy one again with a lot of activity on site and at a corporate
level as we continue to work though our upgrade program and focus
on increasing sales."
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
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