Stratmin Global Resources PLC Bass Transaction Settlement (3986I)
August 30 2016 - 4:25AM
UK Regulatory
TIDMSTGR
RNS Number : 3986I
Stratmin Global Resources PLC
30 August 2016
30 August 2016
StratMin Global Resources Plc
("StratMin" or the "Company")
Bass Transaction Settlement
StratMin Global Resources Plc (AIM: STGR), notes that Bass
Metals Ltd ("Bass") has advised the Company that the capital raise
to fund the purchase of Graphmada and expansion of the mine and
plant at Loharano has been successful, with the final retail
component of the rights issue and placement now completed.
1. Initial funds totalling in excess of GBP325,000 have been
remitted from Bass and received by StratMin.
2. The balance of the A$1.5 million cash settlement is to be
funded from placement proceeds and is expected to clear
international banking in the next week.
3. The first 75 million Bass ordinary shares due to Stratmin is
expected to be received within the next week.
4. Further consideration of up to A$8,000,000 in Bass ordinary
shares to be paid to Stratmin subject to Graphmada meeting certain
production milestones.
5. A net smelter royalty payment from Bass of 2.5 per cent,
capped at A$5,000,000, will begin in six months.
In on-going operations, Stratmin has now finalised and agreed
the development budget with Tirupati for the 12,000 tpa Vatomaina
flake graphite. Initiation of funding is expected within the next
15 days.
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 Bellis 7382 8300
Optiva Securities (Broker) +44 (0) 20
Christian Dennis 3137 1903
This information is provided by RNS
The company news service from the London Stock Exchange
END
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