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Redmoor Acquisition Update

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RNS Number : 6329G
Strategic Minerals PLC
25 July 2019
 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

25 July 2019

Strategic Minerals plc

("Strategic Minerals", "SML" or the "Company")

CRL Acquisition Settled

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to notify the market that, further to the announcement dated 27 June 2019, it has settled the acquisition of New Age Exploration Limited's ("NAE") 50% holding in Cornwall Resources Limited ("CRL").

Highlights

·    SML has settled the acquisition of NAE's 50% holding in CRL on the basis that, in lieu of the original structured cash components, SML made an initial A$290,000 payment, taking total cash paid to A$300,000 and agreeing an 11 month payment schedule for the balance of A$2,700,000.

·    Payments of A$300,000 are to made quarterly before 31 October 2019, 31 January 2020 and 30 April 2020. The balance is then to be paid on or before 26 June 2020.

·    The interest rate on the balance of A$2,700,000 is 5% pa, calculated on a daily balance basis, payable at the end of each calendar quarter to allow for early repayment.

·    SML has provided NAE with a charge over the Company's shares in CRL, a debenture charge over CRL's property and, in the event of default, NAE has the option to convert any outstanding balances to SML shares at 90% of the VWAP for SML shares in the 10 trading days prior to the issue of the conversion notice.

·    Acquisition is completed upon the registration of charges.

 

John Peters, Managing Director of Strategic Minerals, commented:

"The provision of a vendor loan has assisted the Company in managing its cash flow while ensuring that any future arrangements can be planned with the knowledge that the Company has total control of Cornwall Resources Limited.

"The Company looks forward to building on this potentially world class mining opportunity over the coming years"

 

For further information, please contact:




Strategic Minerals plc

+61 (0) 414 727 965

John Peters


Managing Director


Website : www.strategicminerals.net


Email : [email protected]

 

 


Follow Strategic Minerals on:


Vox Markets:

https://www.voxmarkets.co.uk/company/SML/

Twitter:

@SML_Minerals

LinkedIn:

https://www.linkedin.com/company/strategic-minerals-plc

Facebook:

https://www.facebook.com/search/top/?q=strategic%20minerals%20plc



SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Nominated Adviser and Broker


Ewan Leggat


Lindsay Mair


 

Notes to Editors

Strategic Minerals plc is an AIM-quoted, operating minerals company actively developing projects prospective for battery materials. It has an operation in the United States of America and Australia along with development projects in the UK and Australia. The Company is focused on utilising its operating cash flows, along with capital raisings, to develop high quality projects aimed at supplying the metals and minerals being sought in the burgeoning electric vehicle/battery market.

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating asset, which it brought into production in 2012 and which continues to provide a revenue stream for the Company. This operating revenue stream is utilised to cover company overheads and invest in development projects orientated to supplying the burgeoning electric vehicle/battery market.

In January 2016, the portfolio was expanded with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia prospective for cobalt, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In September 2018, the Company entered contracts for the sale of certain CARE tenements identified as gold targets.

In May 2016, the Company entered into an agreement with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds from the Company's investment were utilised to complete a drilling programme that year. The drilling programme resulted in a significant upgrade of the resource. This was followed in 2018 with a 12-hole 2018 drilling programme has now been completed and the resource update that resulted was announced in February 2019. In March 2019, the Company entered into arrangements to acquire the balance of the Redmoor Tin/Tungsten project in Cornwall. This was completed on 24 July 2019.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia and brought the project into limited production in April 2019, with full production expected in 2020.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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