Stratmin Global Resources PLC Related Party Loan Facility (3085O)
February 08 2016 - 2:00AM
UK Regulatory
TIDMSTGR
RNS Number : 3085O
Stratmin Global Resources PLC
08 February 2016
8 February 2016
StratMin Global Resources Plc
("StratMin" or the "Company")
Related Party Loan Facility
StratMin announces that on 1 February 2016 it agreed with
Consolidated Resources Pte Ltd ("Consolidated Resources") that
Consolidated Resources will provide an unsecured loan facility to
Graphmada Mauritius, the Company's 93.5 per cent. subsidiary, of up
to A$200,000 to provide short term working capital (the
"Facility"). GBP24,212 has been drawn down under the Facility as of
today's date. The funds advanced under the Facility are free of
interest and are repayable at the earlier of the completion of the
transaction with Bass Metals Ltd (as originally announced on 2
September 2015, with further updates provided subsequently) and 30
June 2016.
Related Party Transaction
Consolidated Resources is interested in approximately 11.10 per
cent of the issued share capital of Stratmin and is represented on
the board of Stratmin by David Premraj. As such, it is considered a
"Related Party" under the AIM Rules for Companies. The independent
directors of the Company (being Laurie Hunter, Brett Boynton and
Shishir Poddar), having consulted with Strand Hanson Limited, the
Company's Nominated Adviser, consider the Facility to be fair and
reasonable insofar as shareholders are concerned.
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)
Rory Murphy / James Spinney / +44 (0) 20
Ritchie Balmer 7409 3494
Beaufort Securities (Broker) +44 (0) 20
Jon Belliss 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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