logo-loader

Stratmin draws down on loan from shareholder

Published: 09:20 08 Feb 2016 GMT

Loharano
Bass currently owns 6.5% of Graphmada Mauritius, the subsidiary that owns the Loharano mine in Madagascar.

Graphite firm Stratmin Global (LON:STGR) says it has so far drawn down around £24,000  of a loan facility to provide short term working capital.

Consolidated Resources has provided the unsecured facility of up to A$200,000 (around £98,000) to Graphmada Mauritius - the group's 93.5% subsidiary.

The loan does not carry interest and is repayable at the earlier of either the completion of the previously announced transaction with Bass Metals.. or June 30 this year.

Bass has already agreed to pay £2mln for a 25% stake in the subsidiary and has an additional option to take a further 15%.

It currently owns 6.5% of Graphmada Mauritius, the subsidiary that owns the Loharano mine in Madagascar.

Consolidated Resources is interested in around 11% of Stratmin capital and  is represented on the board by David Premraj.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

1 hour, 51 minutes ago