Strategic Minerals PLC (LON:SML) has pumped in £101,700 by exercising part of the option deal with Redmoor as part of the bid to take a stake in a tin/tungsten project in Cornwall, UK.
As reported in May, Strategic initially acquired just under 31mln new Redmoor shares at £3.39 a share, giving it roughly a 9% stake and had the option to increase that stake to 50%.
The firm has today agreed with Redmoor to extend the option exercise deadline until February 15 next year.
The partial exercise made was for 30,000 new shares in Redmoor at £3.39 each.
Strategic's managing director John Peters, said: "The extension of the option period for the subscription for shares in Redmoor, while only approximately six weeks, is important to the company as it extends beyond the date by which a major payment under the recent rail settlement is due.
"This puts the company in a stronger position to fund this investment with minimal dilution to existing shareholders."
Strategic now holds 16.4% of Redmoor's capital.
Redmoor holds an exploration licence and option over 23 sq km in the Cornish tin-tungsten-copper mining district of the UK.
It provides the rights to explore over the entire area for 15 years and the mining lease option provides the right for Redmoor to enter into a 25-year mining lease (renewable for a further 25 years) over any part of the licence area.
A review of historical data by an independent consultant indicated a JORC-compliant mineral resource of 13.3mln tonnes at 0.37% tungsten equivalent, or WO3Eq, which is 0.56% in tin equivalent (SnEq) terms.
Strategic Minerals added 2.58% to 0.318p.