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Strategic Minerals restructures purchase of Cornish tin mine venture

Partner New Age Exploration will now receive an upfront cash payment of A$300,000 for its 50% stake

Cornwall
Redmoor is in tin-rich Cornwall

Strategic Minerals PLC (LON:SML) has restructured its purchase of the outstanding half of its tungsten and tin mine joint venture at Redmoor in Cornwall.

Partner New Age Exploration will now receive an upfront cash payment of A$300,000 for its 50% stake with the remaining US$2.7mln to be paid over the next eleven months.

There will be an interest charge of 5% annually on the balance outstanding while New Age has prior charges over the joint venture and its property as well as a convertible option in the event of a default.

John Peters, Strategic Minerals’ managing director, said the provision of a vendor loan by New Age has assisted the company in managing its cash flow.

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Price: 0.375 GBX

AIM:SML
Market: AIM
Market Cap: £6.42 m
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Strategic Minerals PLC's John Peters details £1.1mln raise to fund balance...

Strategic Minerals PLC's (LON:SML) John Peters speaks to Proactive London's Andrew Scott following the news they've raised £1.1mln through a placing and subscription to help pay the remaining balance for the acquisition of New Age Exploration’s interest in Cornwall Resources, holder of the...

on 4/6/20

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