TIDMSTGR
RNS Number : 1201R
Stratmin Global Resources PLC
04 March 2016
4 March 2016
StratMin Global Resources Plc
("StratMin" or the "Company")
GBP300,000 private placement to fund corporate development
StratMin Global Resources Plc (AIM: STGR), London's only listed
graphite production and exploration company, announces completion
of a private placement raising gross proceeds of GBP300,000 via the
placement of 12,000,000 new ordinary shares of 0.01 pence each (the
"Ordinary Shares") (the "Placing Shares") at a placing price of 2.5
pence per Ordinary Share (the "Placing Price") (the "Placing").
The net proceeds of the Placing will be used, inter alia, to
complete due diligence on confidential corporate opportunities
related to graphite based energy storage applications that the
Company has been working on. The budget required to progress these
opportunities is over and above the expansion funding provided for
the Company's Loharano operation pursuant to the transaction with
Bass Metals Ltd (as first announced on 2 September 2015), and will
allow the Company to complete due diligence, finalise terms and
documentation and provide working capital.
As a result of confidential corporate opportunities currently
under investigation, the Company is deemed to be in a close period.
Once the Company is next in an open period, it is the commitment of
the StratMin executive management and certain members of the
Concert Party (further details on which are set out in the table
below) to convert outstanding directors fees and other arrears
amounting to approximately GBP300,000 into new Ordinary Shares at
the higher of the Placing Price and the share price of the Company
at the time of the conversion announcement.
Issue of Warrants
In connection with the Placing, the Company will issue 600,000
broker warrants with an exercise price of 2.5 pence, which are
exercisable at any time up to and including 4 March 2018 (the
"Broker Warrants"). Following the issue of the Broker Warrants, the
Company will have 7,019,541 warrants outstanding and 17,379,040
options outstanding.
Admission to Trading and Total Voting Rights
Application has been made to the London Stock Exchange for
admission of the Placing Shares to trading on AIM ("Admission") and
it is expected that Admission will take place and that trading will
commence on AIM on or around 10 March 2016.
Following Admission, the Company will have 163,149,391 Ordinary
Shares in issue with each share carrying the right to one vote. The
Company has no Ordinary Shares held in treasury. The total number
of voting rights in the Company following Admission will therefore
be 163,149,391. This figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Concert Party
The shareholdings of the individuals set out below, who were
deemed by the Panel on Takeovers and Mergers at the time of the
Company's reverse takeover of Graphmada Equity Pte Ltd in January
2013 to be acting in concert (the "Concert Party"), before and
after the abovementioned Placing are set out below:
Name Number % of Ordinary Number Total % of Ordinary
of Ordinary Shares of Placing shareholding Shares
Shares outstanding Shares following outstanding
held prior subscribed the Placing following
to the for in the issue
issue the Placing of the
of the Placing
Placing Shares
Shares
--------------- ------------- -------------- ------------- -------------- --------------
Caralapati
Raghirah
Premraj(1) 16,813,319 11.12% - 16,813,319 10.31%
--------------- ------------- -------------- ------------- -------------- --------------
Marthinus
(Marius)
Johannes
Hendrik
Pienaar 12,150,000 8.04% - 12,150,000 7.45%
--------------- ------------- -------------- ------------- -------------- --------------
Mrs Kesava
Padmavathi 8,100,000 5.36% - 8,100,000 4.96%
--------------- ------------- -------------- ------------- -------------- --------------
Mrs Caryl
Melissa
Jane Pienaar 6,500,000 4.30% - 6,500,000 3.98%
--------------- ------------- -------------- ------------- -------------- --------------
Ghanshyam
Champaklal 5,025,000 3.32% - 5,025,000 3.08%
--------------- ------------- -------------- ------------- -------------- --------------
Srirekam
Kesava
Purushotham 2,700,000 1.79% - 2,700,000 1.65%
--------------- ------------- -------------- ------------- -------------- --------------
Jeffrey
Royce
Marvin 916,667 0.61% - 916,667 0.56%
--------------- ------------- -------------- ------------- -------------- --------------
Total 52,204,986 34.54% - 52,204,986 32.00%
--------------- ------------- -------------- ------------- -------------- --------------
(1) Includes the shares issued to Non-Executive Director, David Premraj, on 31 March 2014
Following completion of the Placing (in which no individual
member of the Concert Party has participated), the Concert Party
will hold interests in Ordinary Shares carrying, in aggregate,
32.00% of the voting rights of the Company.
As noted above, it is the intention that when the Company is
deemed to be out of the close period, certain members of the
Concert Party will convert outstanding debts of up to GBP160,000
(in addition to those debts to be converted by executive
management) at the higher of the Placing Price and the share price
of the Company at the time of the conversion announcement, subject
to such issue of new Ordinary Shares to the Concert Party not
resulting in the aggregate interests of the Concert Party exceeding
33.00% of the Company's then enlarged share capital.
Appointment of joint-broker
Optiva Securities managed the placement. Optiva Securities has
been appointed joint-broker to the Company effective
immediately.
Brett Boynton, CEO, commented:
"We are very encouraged to welcome a number of new investors to
the register and to be able to further progress a significant
corporate opportunity for the Company with the completion of this
placement.
"The executive team recently committed to taking equity in lieu
of cash for all their accumulated salaries and fees to date and I
am pleased we will be able to make good on that commitment
alongside this new investment. It is also encouraging to have the
Concert Party commit to participate in that equity undertaking with
senior management and we thank them for their unwavering
support."
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
Optiva Securities (Joint Broker) +44(0)203 137
Christian Dennis 1903
Beaufort Securities (Joint Broker) +44 (0) 20
Jon Bellis 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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