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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Strategic Nat. | LSE:SNRP | London | Ordinary Share | GB00B1VQ5F36 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.875 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 2.875 | GBX |
Strategic Natural (SNRP) Share Charts1 Year Strategic Natural Chart |
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1 Month Strategic Natural Chart |
Intraday Strategic Natural Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 14/8/2022 | 00:13 | STRATEGIC NATURAL RESOURCES - READY FOR TRANSFORMATIONAL GROWTH | 7,467 |
| 30/7/2014 | 17:13 | Strategic Natural Resources | - |
| 24/7/2014 | 14:16 | Strategic Natural Resources (SNRP) A meaningful appreciation in the share price | 6 |
| 27/3/2014 | 19:18 | An Evening with Strategic Natural Resources | 9 |
| 18/12/2013 | 13:27 | Strategic Natural Resources | 8,297 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 14/8/2022 00:13 by neutralpov TALES FROM THE CRYPTA notorious ramper, username here "investingisatrickyg If you've lost money in SNRP, message me. |
Posted at 25/7/2017 17:26 by fillipe Thanks very much, Joseph. At least there now appears to be some clarity, in that there is confirmation of nil funds available to shareholders and therefore a "Share of Negligible Value" claim should be accepted by HMRC.Also thanks to all others who have kept informed on the progress of this demise. f |
Posted at 15/10/2015 17:56 by 1private SNRP The directors have been bleeding all the money away from the share holders since it fell of the AIM, They are a load of thieves and I hope they get what is coming to them what comes around goes around, at least it will now disappear from my account. Just hope I never meet any of them I would not be responsible for my actions. |
Posted at 18/4/2015 10:40 by substp Adobe page 8 .... Millennium....14/4/1Irving Aronson, President, Secretary, Director 61,400,000 (Ivory Mint Hold. (holds 56,400,000, Strategic Natural Res. Holds 5 million) I have heard that that SNRP are still waiting to be repaid...... London Mining? Frank Timis? |
Posted at 17/9/2014 13:08 by dingbat21 RNS out from SNRP !RNS Reach Story Go to market news section Print Company Strategic Natural Resources PLC TIDM Headline Purchase of Deeded Mineral Rights Released 13:00 17-Sep-2014 Number 9082R13 RNS Number : 9082R Strategic Natural Resources PLC 17 September 2014 Strategic Natural Resources PLC ("SNR" or the "Company") Purchase of Deeded Mineral Rights by Strategic Natural Resources (SNR) From Torrance Petroleum Company (TPC) The Board of SNR, the natural resources developer operating in South Africa, which indirectly owns 74% of Elitheni Coal (Pty) Limited, announces that the Company has agreed to take a 40% Net Revenue Interest in the deeded mineral rights of the Torrance Oilfield-California asset, subject to a number of conditions being met. About Torrance Petroleum Company Torrance Petroleum Company, owned and run by Blair Merriam, has a 520 acre oilfield site in Torrance, California with a proven and probable oil reserve. ( hxxp://www.indnrg.co This onshore oilfield previously drilled and produced oil between 1920 and 1950, but it is estimated that only 5% of the expected reserve was delivered. A 2009 engineering report confirmed proven and probable reserves and in the coming weeks, a petroleum consultancy firm based in Houston, Texas will deliver to TPC a new and updated Competent Persons Report (CPR) which will further account for new technologies, methodologies and more. TPC anticipates that the proven reserves which are categorised as P1 reserves, meaning a 90% chance of retrieval and commercial viability, will be in the region of 20 million barrels. Given the CPR will deliver a P1 reserve, shareholders and potential investors should recognise that this is not an exploration play and as such, does not carry the associated risk that is evident with exploration. This CPR which is to be issued will be posted on the SNR website once TPC and SNR have both reviewed the same and agreed to proceed with all conditions being met. It is anticipated that the CPR will demonstrate significant asset value and therefore, once in production, significant revenue streams and profits for SNR shareholders. In the meantime, it is hoped that upon satisfactory conclusion, the asset will be seen by shareholders and investors as a significant investment opportunity. It is anticipated that the CPR will deliver similar asset value to SNR's existing coal mining interest in South Africa and therefore, majorly enhance the overall asset value of the Company. As a result of this opportunity, SNR will be calling an EGM to seek shareholder approval to increase the number of shares in issue and to approve the Torrance transaction. A circular and prospectus will be prepared to seek shareholder approval and shareholders can expect receipt and full details in due course. SNR will be seeking shareholder approval to purchase 40% Net Revenue Ownership Rights in the Torrance, California oilfield for £44,000,000 (subject to the aforementioned CPR delivering the expected reserves as discussed between SNR and TPC and then subject to Board and shareholder approval). This will be satisfied by the issue of a £40,000,000 loan note, £1 million in cash and £3 million in SNR shares at 5 pence per share. The loan note is to be repaid from SNR's share of production revenues and as such this is an efficient means of managing SNR's current financial exposure, as well as SNR's future capital and cashflow. Interest will accrue on the loan note at 8% per annum and will be capitalised so as to also be repaid from future production revenues. Pursuant to the above, the Board of Directors will be recommending the Purchase of Mineral Rights at the EGM for the benefit of all shareholders. This transaction is in line with the Company's previously stated intention to diversify its asset portfolio. It is the Board's belief that adding a proven and probable oil and gas reserve to SNR, ensures that the Company is less exposed than before when it was a single asset company. It is the Company's intention to further pursue other assets to bring into the SNR stable and discussions are currently ongoing. Attracting Inward Investment This proposed asset diversification is helping the Company in attracting inward investment into Elitheni/SNR and the potential investment sums being discussed are significant. The Board feels this is a strong early indication of appetite for potential investors to join forces with SNR and to see the Company and its shareholders prosper. These investors are significant multi-billion pound investors on both the African continent and globally. The Company has already held discussions in this area and will update shareholders as soon as it is practicable and relevant to do so. Board Changes The Company previously stated in its RNS of the 21st August 2014 that "roles will be populated with personnel who have the relevant background for a company in SNR's sector(s) and a company of SNR's size, growth potential and relevant stock market(s) when re-listed". In line with this statement, Gavin Bonnar has chosen to resign as a Director of SNR at a Board meeting held on the 20th August 2014. Gavin has assisted the Company with its change of direction and will continue to engage with SNR on an ongoing basis via a consultancy agreement, the terms of which have been agreed. At the same Board meeting and in line with that same statement, Mr Blair J Merriam has been appointed Chief Operating Officer and a Director of SNR. Michael Shore has now been appointed Chairman of both SNR and Elitheni Coal (Pty) Limited. Mark Rosslee was previously Finance Director of SNR (1st October 2012- 25th October 2013) and he now re-joins the Board. Mark brings immense mining and finance knowledge generally and specifically in relation to Elitheni. This, together with his breadth of contacts and understanding of business in South Africa makes this a hugely positive step forward for the Company. These Board changes are consistent with the Company's statement in RNS number 6786P which was released through the London Stock Exchange on the 21st August 2014. Blair Merriam commented "It is always exciting when shareholder value can be created through both initial acquisition as well as subsequent development. With this first US acquisition, SNR is sidestepping the time, cost and uncertainty of exploration and moving into development." "I am looking forward to joining the leadership team at SNR," stated Mr. Merriam. "SNR is focused on identifying and maximising energy assets on a global basis and the Torrance oil project has the potential to be a critical piece of the evolving plan. My knowledge and experience in the American oil and gas industry will be an asset to our team and I am very enthusiastic about assisting in the development of all of the Company's assets," said Merriam. Michael Shore, Chairman, SNR commented "Firstly, I would like to place on record my thanks and gratitude to Gavin Bonnar for his tireless efforts in getting the Company into a more positive position which is where we are today. Gavin's ongoing contribution will undoubtedly be highly valuable. He was instrumental in settling the liquidation proceedings with London Commodity Brokers and in bringing in vital investment to keep SNR trading. Equally, we are very excited by the prospects of the Torrance, California oilfield acquisition and on entering the oil and gas business in the US where new technologies including horizontal drilling have seen US oil production surge. The fact that SNR is to make its first investment in oil and gas in a development, exploration free asset, is particularly significant and also very reassuring for SNR shareholders. This is a new chapter for the Company and demonstrates its intent to create and deliver shareholder value". For further information, please contact: Strategic Natural Resources PLC enquiries@snrplc.com Michael Shore Paul Rutherford Mick Dunne +44 2074388162 +44 7966149127 +353 86 8309181 For further information about Strategic Natural Resources PLC please visit www.snrplc.com This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 23/7/2014 22:21 by 21trader Sword_of_truth - 02 Dec 2013 - 19:38:25 - 284 of 475Endless promotion of SNRP from this poster saying 7p with the price at 4.5p. Now 2.5p. He did say. TOP Traders Thread !!!! - CR TOPINFO - 21 Nov 2013 - 08:11:27 - 350899 of 356868 Nice buy SNRP 107k TOP Traders Thread !!!! - CR TOPINFO - 20 Nov 2013 - 13:27:46 - 350527 of 356868 4.7p paid SNRP!! TOP Traders Thread !!!! - CR TOPINFO - 20 Nov 2013 - 08:41:16 - 350120 of 356868 Buyers SNRP again! TOP Traders Thread !!!! - CR TOPINFO - 19 Nov 2013 - 16:04:06 - 349889 of 356868 ah maybe not 3 x 50k buys SNRP!! TOP Traders Thread !!!! - CR TOPINFO - 19 Nov 2013 - 16:03:25 - 349886 of 356868 50k buy SNRP !!! TOP Traders Thread !!!! - CR TOPINFO - 19 Nov 2013 - 15:33:07 - 349867 of 356868 SNRP up again on just a 5k buy! TOP Traders Thread !!!! - CR TOPINFO - 19 Nov 2013 - 14:01:21 - 349763 of 356868 Look where all other MMs are at on SNRP. As high as 6.5p on the offer :) TOP Traders Thread !!!! - CR TOPINFO - 19 Nov 2013 - 13:52:30 - 349736 of 356868 See that lovely buy at full ask SNRP 73k at 4.75p. I did say earlier sellers would regret it and they will now with afternoon surge coming and will take it over 5p+ TOP Traders Thread !!!! - CR TOPINFO - 19 Nov 2013 - 13:51:19 - 349735 of 356868 SNRP!!!!!!!!!!!!!!!! TOP Traders Thread !!!! - CR TOPINFO - 19 Nov 2013 - 12:03:34 - 349569 of 356868 SNRP L2 6 vs 1 |
Posted at 01/7/2014 07:07 by scruffee AS FORETOLD NOW GET SOME MMO BEFORE IT GOES BALLISTICTuesday 01 July, 2014 Strategic Natural Update RNS Number : 9953K Strategic Natural Resources PLC 01 July 2014 Strategic Natural Resources Plc ("or the Company") Update Overview: • Strategic review of its Elitheni Coal Mine in South Africa • Purchase of a 6% stake in Millennium Energy Corp, (MENC) engaged in natural gas in the U.S.A and the issue of equity of 40,000,000 ordinary shares at 5 pence per share • £1,200,000 million offer of the subscription for new shares by Target Alliance (London) Limited and holdings in the company • Appointment of Beaufort Securities Limited as sole broker • Appointment of Gavin Bonnar as a director • Resignation of non-executive directors SNR, the AIM quoted natural resources developer operating in South Africa which indirectly owns 74% of Elitheni Coal (Pty) Limited, announces that is conducting a strategic review of its Elitheni Coal mine asset in South Africa. The board intends to seek offers that it deems in the best interest of SNR shareholders, Elitheni shareholders and creditors and its BEE Partners. The Board is seeking offers it believes recognise the value of the Elitheni coal mine. It currently has 266,000,000 million tonnes of coal and is located in an area of extensive infrastructure. Specifically Elitheni coal fields are located near two railway lines leading to the port of East London - from where the Company shipped its maiden cargo of circa 38,000 tonnes in September 2013. There is also a further rail line which runs through the Elitheni mine property to the deepwater industrial port of Coega, which has capacity to load large cape sized vessels. Millennium Energy Corp ('Millenium') As part of its review of activities, the Company is pleased to announce it has completed the purchase of a 6% shareholding in Millennium, consisting of 5,000,000 (five million) common shares for a total consideration of £2,400,000 million, comprised of £400,000 paid in cash and £2,000,000 to be satisfied by the issue of 40 million ordinary shares, issued at 5 pence per share. The 40,000,000 ordinary shares shall be issued as soon as practicable, following which the total number of ordinary shares and voting rights in the Company shall be 262,311,583. The Millennium shares were purchased from Ivory Mint Holdings Corp, a company controlled by Irving Aronson, which also owns Target Alliance (London) Limited, the company that recently subscribed for £1,000,000 into SNR, as announced on May 14, 2014. The Company entered into the Millennium Share purchase agreement on May 19, 2014, following board approval. SNR, pursuant to the share purchase agreement, paid a deposit of £400,000 to Ivory Mint Holdings Corp, which was paid on the May 19, 2014. The transaction was subject to approval by the Company's Nominated Advisor Allenby Capital Limited. The approval was sought on May 19, 2014. However as of June 23, when Allenby Capital Limited resigned, such approval had yet to be obtained. On June 11, 2014 an amended agreement with Ivory Mint was reached pursuant to which a further £260,000 was paid. On June 27, 2014 by mutual agreement Ivory Mint Holdings and the company agreed to cancel the second agreement made on June 11, 2014, and revert to the agreement of May 19, 2014. Ivory Mint Holdings Corp delivered the 5,000,000 Common Shares of MENC to the company. The Company and Ivory Mint have agreed that the additional £260,000 paid to Ivory Mint Holdings in connection with the cancelled agreement of June 11, 2014 will be repaid to SNR as soon as possible and used to pay creditors. Following advice, the Board has recognised that the Company failed to announce the Millennium share purchase agreement and the two cash payments totalling £660,000 paid in connection with this transaction in a timely manner, as required under the AIM Rules for Companies. This was due to the Company's belief that the transaction should not be announced until such time as the suspensive conditions had been fulfilled. This failure to announce the transaction led to the resignation of Allenby Capital Limited as Nomad. Chairman and Chief Executive Officer, Alex MacDonald said, 'The Millennium transaction was entered into by the Company to secure what I consider to be a very attractive oil and gas opportunity. Millennium is engaged in the natural gas business in the U.S.A. This process of diversification will make the company more attractive to investors in the future.' Millennium is a publicly traded Nevada Corporation traded on the OTC under the trading symbol "MENC", that owns an 85% working interest in seven natural gas wells located near Tucumcari, New Mexico, U.S.A. Millennium intends to commence production of natural gas and to construct a gas processing plant to produce Helium gas on site. According to Millennium, it is estimated by the license contains 2C GIIP resources of about 200 bcf. The gas production is targeted to commence as soon as MENC raises sufficient working capital to commence natural gas production. see www.millenniumenergy The ownership of the Millennium shares will not contribute to the profits or losses of the Company until such time as the Millennium Shares are sold, resulting in a profit or a loss dependent on the sales price realised at the time of sale. The Company intends to carry the Millennium shares on its books at the cost price. Elitheni Board Appointments Alex MacDonald has been appointed as Chairman of Elitheni Coal (Pty) Limited, Michael Shore has been appointed as finance director. Both conducted a site visit to the Elitheni Coal mine on Wednesday June 18, 2014 and attended meetings with representatives of the Department of Mineral Resources to discuss submitting Elitheni's social development programme for the next five years. Progress in paying creditors of SNR and Elitheni Coal (Pty) Limited The Company has provided £230,000 to Elitheni since May 14, 2014, used to pay ZAR 2,300,000 of creditors and to pay salaries and operating expenses of Elitheni. The Company and Elitheni continue to work towards, and are committed to paying off all creditors as quickly as possible. Recent subscription funds of £1,500,000 million raised did not enable the Company to clear all of its creditors, however it did enable the Company to pay some of the most critical creditors, including London Commodity Brokers, and to purchase the Millennium Energy Corp shareholding to diversify into oil and gas. The Company believes this will allow it to attract further investor interest. This strategy has been vindicated by the further offer of investment from Target Alliance (London) Limited. Further Funding Announcement The Company is pleased to announce the offer, subject to contract, of a further subscription from Target Alliance (London) Limited for £1,200,000 at 3 pence per share, such subscription to be taken up by the initial subscription of £600,000 within 5 days of trading suspension being lifted and £600,000 30 days thereafter. The offer has been accepted by the board and is conditional upon the share trading suspension being lifted and (if required) the Takeover Panel giving and the Company's Shareholders approving a waiver of the obligation on Target Alliance (London) Limited to make a general offer for the Company' shares. The Board anticipates that this will happen once a new Nomad is appointed. Upon successful completion and receipt of the proposed £1,200,000 subscription, the proceeds of these monies shall be used to pay creditors and meet working capital needs. Appointment of Gavin Bonnar as a director The Company is pleased to announce the appointment of Robert Gavin Bonnar (age: 48) an Irish national as a director. Mr. Bonnar, a Barrister-at-Law, qualified in Northern Ireland and is also called to the bar in the Republic of Ireland. He has over 20 years' experience in the legal profession specialising in media, libel and privacy and has developed a unique media law practice in Ireland. Mr. Bonnar also has extensive commercial experience both as an investor and a lawyer and has gathered great experience in financing smaller capitalised resource and oil companies. He has also has spent over ten years working on the ground in Africa. Mr. Bonnar owns a mediation company in Ireland and currently serves as a Non-Executive Director of a technology Company, Rapid Addition, based in London. He formerly served on the board of Aim Listed Frontier Resources Plc, a company engaged in oil and gas exploration in the Middle East and Africa. Mr. Bonnar has given his time and dedication to good causes. He has helped house around 100,000 underprivileged South Africans and has worked on and built some 20,000 homes in South Africa. In recognition of his efforts Mr. Bonnar is a past winner of the Archbishop Desmond Tutu Medal for Compassion. Current Directorships Gavin currently holds or has held the following directorships and partnerships in the last five years: Current and past directorships / partnerships Current Past (within the past five years) Channel Ireland TV Ltd BMG Investment Fund Ltd Bobbyjean Limited 28 GMB Properties LLP International Mediation and Arbitration Services LLP Bobbyjean Limited 32 Frontier Resources International PLC (former name: Frontier Resources International Limited) Mellon Township Limited 29 Mellon Housing Initiative 30 Niall Mellon Township Trust Niall Mellon Township Initiative Limited Gavin Bonnar was one of the designated members of GBM Properties LLP which went into receivership in or around February 2011. In relation to the appointment of Gavin Bonnar to the Board of the Company, the Company confirms there is nothing additional to disclose in relation to his appointment under Schedule Two, paragraph (g) of the AIM Rules for Companies. Resignation of non-executive directors The board of the Company was divided and the Company announces the resignation of the three non-executive directors Gabriel Ruhan, Andy Brennan and Don Nicholson effective as of 29th June 2014 due to concerns around the announcement of the Millennium transaction. Notification of interest in shares The Company has been notified that Target Alliance (London) Limited, disposed of 15,000,000 shares on May 14, 2014 and of 10,000,000 shares on June 11, 2014. TAL no longer has an interest in the shares of the Company. Change of Registered Office The Company announces that it has changed its registered office to 44 Southampton Buildings, London WC2A 1AP. Notification of Beaufort Securities as sole broker The Company is pleased to announce that Beaufort Securities has been appointed a sole broker with immediate effect. Replacement Nominated Advisor The Company is in discussions with a Nominated advisor with a view to appointing them as a replacement Nomad as soon as possible. In accordance with AIM Rule 1, if the Company fails to appoint a replacement nominated adviser by 7:00AM on 24 July 2014, the admission of its securities to AIM will be delisted. General Meeting The general meeting held on 30 June 2014 was adjourned for 24 hours to 10:00AM on 1 July 2014 to allow for this RNS to be released and for a quorum to be present. |
Posted at 22/6/2014 09:46 by 1private THIS MAY HELPPlease note that the percentage change in a company's share price on the first day of trading immediately following a corporate action is calculated against the official closing price of the London Stock Exchange (i.e. not compared against a rebased price) Bid Situation This security is currently engaged in a bid situation, whether hostile or otherwise. Capitalisation Issue The issue by a company of new shares which do not require any payment to be made by the shareholder. This has the effect of making the company's shares more marketable because of the increased number available and the lower market price. A Capitalisation Issue is the same as a Bonus Issue and Scrip Issue. Consolidations When a company reduces the number of shares it has in circulation by consolidating its share capital e.g. shareholders would receive 1, 50p share for every 2, 25p shares held. Entitlement Issue (Open Offer) Shareholders are given the right to subscribe for the new fully paid share. The new shares are not issued in nil paid form, therefore they do not exist in that form, and cannot trade in nil paid form. Ex When a stock or dividend is issued by a company it is based upon an "on register" or "record date". However, to create a level playing field when shares are traded on the London Stock Exchange during this benefit period an "ex" date is set. Before this "ex" date if shares are sold the selling party will need to pass on the benefit or dividend to the buying party. XC - Ex Capitalisation Trading has previously commenced "ex" capitalisation on this stock. Ex Capitalisation Today Trading has commenced "ex" capitalisation on this stock today. XD - Ex Dividend Trading has previously commenced "ex" dividend on this stock. Ex Dividend Today Trading has commenced "ex" dividend on this stock today. XR - Ex Rights Trading has previously commenced "ex" rights on this stock. Ex Rights Today Trading has commenced "ex" rights on this stock today. XL - Ex Liquid Trading has previously commenced "ex" liquidation payment on this stock. Ex Liquid Today Trading has commenced "ex" liquidation payment on this stock today. ES - Ex Stock Trading has previously commenced "ex" stock distribution on this stock. Ex Stock Today Trading has commenced "ex" stock distribution on this stock today. XP - Ex Repayment Trading has previously commenced "ex" repayment on this stock. Ex Repayment Today Trading has commenced "ex" Repayment on this stock today. EO - Ex Other Trading has previously commenced "ex" a benefit on this stock. Ex Other Today Trading has commenced "ex" a benefit on this stock today. Ex Stabilisation Stabilisation is operating on the market in this security. Ex Stabilisation Today Stabilisation is operating on the market in this security today. Rights Issue An invitation to existing shareholders to purchase additional shares in the company. Scheme Of Arrangement A non-optional event proposed by a company on its share capital. Security Suspended This security has been suspended from trading by the Exchange. Stabilisation A stabilisation may occur after a new issue in accordance with FSA rules. It will entail the stabilising manager buying shares in the market to counter selling pressure in the initial market. This stabilisation period must be fully disclosed by way of a daily notice and last for a maximum of 30 days |
Posted at 19/6/2014 14:59 by situl Here's the story......Strategic Natural Resources PLC Friday Possible 25p bid from Land Consultants Ltd, for all of the assets of its subsidiary Acharnian Mining Ltd, which owns a 74% interest in Elitheni Coal Ltd. Refinancing Underway: Major Coal Producer, own rail line and dedicated sea port in South Africa Strategic Natural Resources PLC (SNR) was formed on October 5th 2004 to establish the presence of and ultimately to exploit a variety of natural resources on a global basis. By the middle of 2006 it had identified a potentially large coal deposit in South Africa. As a consequence, the Company was launched on the Alternative Investment Market ("AIM") of the London Stock Exchange on the 7th August 2007 raising initial capital sufficient to enable it to carry out a detailed exploration programme over some 9000 hectares of highly prospective territory. A large resource of over 266,000,000 tonnes of coal has since been discovered; the Company having only drilled some 5% of the total area under licence. The potential for the discovery of further significant tonnage of coal remains undiminished. Now, some 5 years later, SNR is the only major coal producer established in the Eastern Cape with its own rail line and dedicated sea port at East London. The principal assets of SNR are held through its 74% owned subsidiary Elitheni Coal (Pty) Limited. The other 26% being held by its BEE partners. First Coal Shipment The Company's first shipment of coal from the Elitheni Mine was of thermal coal (the delivery made in January 2013 comprised traded anthracite and not coal mined at the Elitheni Mine). Based on the Company's forecast coal market pricing and current mine planning, costs and yields it is anticipated by the board of SNR that future coal shipments for the foreseeable future will also be of thermal coal rather than anthracite. PR and Reserve Statement Released in November 2012 SNR announced that the update to the CPR undertaken on its 74% owned subsidiary, Elitheni Coal (Pty) Ltd has been completed in accordance with the SAMREC code and corresponding SAMVAL criteria by the Company's competent person, Minxcon (Pty). Minxcon is an independent advisory company with expertise in working with mining and exploration companies. Highlights: Net present value ("NPV") of total mineable in situ coal resource of between £107m and £122m and reflects only 6% of Elitheni's total exploration rights area. 34.1Mt of probable reserves. 288.5Mt mineable in situ coal resource of which 161.9Mt is measured, indicated and inferred The company CEO at the time commented "I am pleased that the CPR update verifies our strong overall resource and reserve numbers and associated valuations, which robustly attest to the viability of the coalfield SNR is developing. As Elitheni continues its drilling programme we believe that we will be able to convert tonnes from those currently in prospecting areas into mining rights of the Company and enhance our resource and reserve levels, which should significantly increase the overall valuation of the Elitheni Mine." Elitheni coal and its licences Elitheni has increased its prospecting rights area in the Eastern Cape province of South Africa by more than 2,000% from the initial Phase 1 and Phase 2 area of 9,283.80ha, granted in 2005, to practically 184,000ha today. The 184,000ha has been demarcated into Phases 1, 2, 3, 4 and 5. The latter having been named Project Indlovu. Full and exclusive new order mining rights have been obtained on Phase 1&2 (92 km2 area) and full and exclusive new order prospecting rights exist on the remaining Phases 3, 4 and 5 areas. New order prospecting rights give the holder the exclusive right to apply for and obtain mining rights over the area held. Local bio ethanol agreement In December 2011, SNR signed a local coal supply agreement to supply a bio ethanol project with 70,000 tonnes per annum of washed coal for a period of 20 years. The project, a joint collaboration between the South African Government's Industrial Development Corporation ("IDC") and the Eastern Cape Government, has been fully funded by the IDC. SNR's participation is an important step towards cementing the Company's relationship with local government and local industry. Logistics advantage SNR are the only coal producer in the Eastern Cape of South Africa (with a population of circa 6.6m) and SNR control most of its known coalfield. The Company's logistic advantage is significant, given its access to the underutilised export ports of East London and rail facilities available near to the Elitheni Mine Electricity opportunity The absence of a coal fired power station in the Eastern Cape is due, in the main to the historical lack of a coal producing mine in the region. The Elitheni Mine now provides a strong business case to construct a coal fired power station to address the power shortages in the region. The Eastern Cape Province is an area of high unemployment and the South African government is attempting to attract businesses to the region. Industry requires continuity of electricity supply and building a mine mouth power station in the Eastern Cape would be a significant way of establishing confidence within the business community and attracting investment to the region. Target Markets Elitheni will capitalize on the fact that its coal is a smokeless fuel with an exceptionally low sulphur and phosphorous content. The principal intended commercial uses for Elitheni's coal therefore include: The principal market for coal from the Elitheni coal fields will be as exported product typically to India, South Korea and Turkey. Access to the port of East London via an existing railway system from the mine mouth to port provides the Company with a massive export advantage. Other markets are as follows:- fuel for primary energy supply to industrial customers; a reductant for use within the metallurgical industry; an additive and primary energy source for the brick-making industry; fuel for domestic consumption; fuel to supply fluidised bed boilers for use in large power stations Current Update on funding and creditors 13th May 2014 £1.5 million investment in the Company, Additional funding arrangements, update on creditor position and board changes Investments by Target Alliance and Beaufort Target Alliance Subscription The board of SNR announces that it has entered into a £1.0 million subscription agreement with Target Alliance London Limited (Target Alliance), a company incorporated in England and Wales. Target Alliance is a wholly owned subsidiary of Ivory Mint Holdings Corp, which is wholly owned by Mr. Irving Aronson, a South African businessman. Under the terms of the subscription agreement, Target Alliance has agreed to subscribe for 25 million new ordinary shares of 1p each in the Company at a subscription price of 4p per share. The issue of the Subscription Shares will be in two tranches. Under the terms of the subscription agreement, Target Alliance will initially subscribe for 15 million new Ordinary Shares at 4 pence per share Target Alliance has also undertaken to subscribe for a further 10 million new Ordinary Shares also at 4 pence per share within 28 days of completion of the Initial Subscription. The issue of the Subscription Shares is conditional upon, inter alia: i) receipt of payment for the Initial Subscription Shares and the Further Subscription Shares from Target Alliance; and ii) Initial Admission and Further Admission becoming effective. Application has been made for admission of the Initial Subscription Shares to trading on AIM and it is expected that Initial Admission will occur on or around 14th May 2014. Application will be made for the Further Subscription Shares to be admitted to AIM at the appropriate time, but it is expected that Further Admission will become effective on or prior to 9th June 2014. Target Alliance is financing the Initial Subscription by way of a £0.6 million loan from Emesis Management Limited ("Emesis"), a Bahamas based investment company (the "Initial Subscription Loan"). The Initial Subscription Loan is repayable on 30 December 2014. Target Alliance has entered into a separate option agreement with Emesis, pursuant to which Target Alliance has granted the right to Emesis to require Target Alliance to transfer all the Initial Subscription Shares to Emesis. Completion of the transfer of the Initial Subscription Shares by Target Alliance to Emesis pursuant to the option agreement shall constitute the repayment by Target Alliance of the Initial Subscription Loan to Emesis in full. Beaufort Subscription In addition to the Target Alliance Subscription, the Company has also entered into a £0.5 million subscription agreement with Beaufort Securities Limited, under which Beaufort has agreed to subscribe for 12.5 million new Ordinary Shares at 4 pence per share. In addition, Beaufort has agreed to fully pay up the Beaufort Subscription Shares in two tranches with 6.25 million new Ordinary Shares being settled on the tenth business day following the date of this announcement and a further 6.25 million new Ordinary Shares being settled ten business days thereafter. Application will be made separately for admission of the Initial Beaufort Subscription Shares and the Further Beaufort Subscription Shares to trading on AIM. It is expected that Admission of the Initial Beaufort Subscription Shares and the related Beaufort Commission Shares will occur on or around 22nd May 2014 and that Admission of the Further Beaufort Subscription Shares and the related Beaufort Commission Shares will occur on or around 6th June 2014. Use of proceeds and working capital The proceeds of the Target Alliance Subscription and the Beaufort Subscription, which are expected to amount to £1.3 million, will be used by SNR to settle the creditors of SNR and Elitheni who are not connected with members of the SNR board, as described in more detail below. Whilst the net proceeds of the Subscription are not sufficient for the Company to repay all of its creditors or to recommence operations at the Elitheni mine, the Directors and proposed directors of SNR (details of whom are set out below) are progressing further funding options, details of which are set out below. Enlarged issued share capital Assuming that the full amount of new Ordinary Shares are subscribed for and issued pursuant to the Target Alliance Subscription and the Beaufort Subscription, immediately following Further Admission, the Company will have 218,561,583 Ordinary Shares in issue. Appointment of Beaufort as broker to the Company Pursuant to the Beaufort Subscription, the Company has agreed to the appointment of Beaufort as SNR's sole broker, with effect from admission to AIM of the Beaufort Shares. Following this appointment Allenby Capital will no longer act as the Company's broker but will be the Company's Nominated Adviser. Additional funding arrangements The SNR Board has been in discussions with providers of capital in addition to Target Alliance and Beaufort. It is intended that, following completion of the Subscription, the SNR Board will continue such discussions with a view to injecting further capital into the Company in the near future. Update on creditor position In addition to the conclusion of the arbitration process in South Africa with certain creditors of Elitheni, announced on 25 April 2014, the Company is pleased to announce that, conditional on completion of the Target Alliance Subscription, Land Consultants Limited ("LCL") has, on 7 May 2014, agreed to further extend repayment of its circa £6.0 million loan (excluding accrued interest) to SNR from 30 June 2014 to 31 March 2015 (the "LCL Agreement"). Under the terms of the LCL Agreement, LCL will receive a fee of £100,000 and has the right to convert all or any part of the outstanding interest on the principal amount of the loan up to an amount of £2 million into new Ordinary Shares at 4p per share (the "LCL Interest Conversion Option"). On 5 March 2014, the Company announced that Elitheni had advised the SNR board that their rolling stock container provider, Thelo Rolling Stock Leasing (Pty) Limited ("Thelo") had commenced legal proceedings to repossess the containers that Elitheni currently leases from Thelo. On 27 March 2014 a court order seeking to freeze the Company's interest in Elitheni was made by The High Court of South Africa following an application for such order by Thelo. The SNR board understands that Thelo has applied to the Arbitration Foundation South Africa (AFSA) to instigate arbitration proceedings against Elitheni. The Company confirms that Elitheni is in advanced discussions with Thelo about settling the amounts it owes to Thelo and is hopeful of resolving this satisfactorily in the near future. Further to the announcement on 12 May 2014, in which the Company announced that it had has been in discussions with London Commodity Brokers ("LCB") pursuant to which LCB were claiming an amount of circa US$1.15 million, the Company confirms that it has entered into a settlement agreement with LCB, pursuant to which the Company has agreed to pay LCB a cash settlement in two instalments, the first from the proceeds of the Initial subscription and the second by 6 June 2014 and to allot LCB 1,666,666 new Ordinary Shares conditional on the winding up petition being discharged. LCB have agreed to apply for the winding up petition to be discharged following payment of the cash due under the settlement agreement in full. Separately, the Company has agreed to issue 10 million new Ordinary Shares at 4p per share to Niall Mellon, Chairman of Elitheni, and entities associated with him (the "Mellon Shares") in partial settlement of amounts owed to him. Application has been made for admission of the Mellon Shares to trading on AIM and it is expected that such admission will occur on or around 14 May 2014 Further to the earlier announcements the board of Strategic Natural Resources (SNRP), which indirectly owns 74% of Elitheni Coal (Pty) Limited, announces that the winding up petition filed with the Companies Court in London by London Commodity Brokers ("LCB") has today been dismissed, with the consent of LCB and SNR, following SNR's settlement of the agreed amounts due from SNR to LCB, details of which were announced on 13 May 2014 and 6 June 2014. The Company is also in discussions with a number of its other creditors with a view to those creditors receiving new Ordinary Shares in order to settle the outstanding amounts owed to them, wholly or in part, with a view to reducing the on-going cash requirement of the Company. In view of these discussions and the LCL Interest Conversion Option referred to above, the SNR Board has undertaken to LCL to convene, within 28 days of the date of the LCL Agreement, a General Meeting to seek the approval of SNR shareholders to grant the SNR Board new authorities to allot and issue new Ordinary Shares. Further announcements on this subject will be made as and when appropriate. Related Party Transaction The issue of the Mellon Shares to Niall Mellon (as described above) is deemed to be a related party transaction under Rule 13 of The AIM Rules for Companies by virtue of Niall Mellon's position as Chairman of Elitheni. Accordingly, the Directors are required to consult with the Company's nominated adviser and state that they believe that the terms of such related party transaction are fair and reasonable insofar as the Company's shareholders are concerned. The Directors, having duly consulted with Allenby Capital, the Company's nominated adviser, believe the issue of the Mellon Shares to Niall Mellon to be fair and reasonable insofar as the Company's shareholders are concerned. Board changes Conditional on Admission, three new directors, who have been proposed by Target Alliance, will join the board of SNR (the "Board"). In addition, two of SNR's existing five directors, being Richard Latham and Randal MacDonnell, have agreed to step down from the Board with effect from Admission. Further details on these Board changes, which are conditional upon Admission, are as follows: A New directors (proposed by Target Alliance): Alexander Allan Baillie MacDonald, aged 66, who will be appointed as Chairman and Chief Executive Officer Michael Otto Drozd, aged 57, who will be appointed as Chief Operating Officer Michael Howard Shore, aged 62, who will be appointed as Finance Director B Existing Directors remaining on the SNR Board: Gabriel Ruhan, who will step down as interim Chief Executive Officer, remains on the Board as a Non-Executive Director Don Nicolson, who remains as Executive Vice Chairman Andrew Brennan, who will step down as Chairman, remains on the Board as a Non-Executive Director C Existing Directors leaving the SNR Board, with effect from Admission: Randal MacDonnell will step down from the Board as a Non-Executive Director Richard Latham will step down from the Board as a Non-Executive Director Gabriel Ruhan, current CEO of SNR, today said: "I welcome Target Alliance and Beaufort as new investors in SNR and also Target Alliance's representatives to the SNR and Elitheni boards who we believe will bring both mining expertise and also expertise in raising new capital for businesses. This is a positive step towards providing the Company with the necessary funds to allow the re-commencement of operations at the Elitheni mine." Andy Brennan, Chairman of SNR, today commented: "I would like to take this opportunity to thank Randal MacDonnell and Richard Latham for their significant and diligent contribution to SNR since the Company's incorporation. We wish them both well in their future endeavours." Conclusion It is encouraging the Land Consultants have agreed to extend their loan until March 2015. It has a considerable advantage in that it has transport facilities to the underutilised port and has demonstrated by its first export in 2013. SNR has a further advantage of strong government backing for its project. Coal is a key resource where most of South Africa's power stations are coal fired. Without doubt the Coal asset has value far in excess of the current market cap and when the current funding is complete we can expect a considerable rerating. Adding an extra bit of intrigue to the situation, some of the creditors have indicated that they have the funds available to acquire Elitheni or pump money into the company, which owns the Elitheni coal mine located in the Eastern Cape of South Africa. Speculative Buy 40P TGT |
Posted at 11/6/2014 14:57 by growbag This is from the circular posted 09/06/14 ahead of the general meeting. Interesting reading. Despite the dilution, the BoD appear to be making strong progress putting the company on a firmer financial footing -- and under pretty challenging conditions all considered (winding up petitions, low coal price, SA government indecision). Nice to read about the investment strategy and plans to get the mine up and running for sales to local industry and a coal-fired PP. Less impressed by the Directors shareholdings - as pointed out by a poster on iii But I agree with GC321 - the share price was at these levels not long ago and under a MUCH worse situation requiring a last minute loan for Andy Ruhan. We are in a considerably better position now -- and there are many folks with access to capital whose have investments stake here. Crazy - maybe. But I remain confident of a turnaround here. We'll see. (ps - And I have been buying at these levels on that basis). Sorry about the loss of formatting. 9 June 2014 Dear Shareholder Notice of General Meeting of Strategic Natural Resources Plc (the "Company" or "SNR") Introduction We are writing to set out the proposed strategy of your Board of Directors (the "Directors" or the "Board") for the Company, to ask the Company's shareholders (the "Shareholders") to approve resolutions (the "Resolutions") to grant the Directors authority to allot shares to enable them to execute this strategy and to explain why the Directors consider that passing the Resolutions would be in the best interest of Shareholders. Proposed Strategy SNR's immediate priority is to satisfy all its creditors and thereby provide long term stability to both the Company's financial position and its share price. Whilst the first round of funding by Target Alliance and Beaufort Securities has gone a long way in alleviating the situation, it is clear that additional funding is required. TheBoard is currently in negotiations with several parties to meet this end. Whilst these discussions are on-going, the Board is reasonably confident that sufficient funding to meet the outstanding creditors and provide sufficient working capital for SNR and Elitheni Coal will be attained. At the same time, your Board is considering several options in relation to bringing the Elitheni Coal project into sustainable long term production. These discussions involve joint venture partnerships to supply coal to local industrial entities as well as export markets and the possibility of building a nearby coal fired power station for the region. Background On 13 May 2014, we announced £1,500,000 of investment into SNR by way of equity subscriptions at 4 pence per ordinary share of 1 penny each ("SNR Shares") and various agreements with creditors pursuant to which SNR agreed to allot SNR Shares to creditors. In total, SNR has agreed to allot 51,000,000 SNR Shares to investors and creditors. In addition, as part of the extension to the repayment date of the £6,000,000 loan the Company owes to Land Consultants Limited ("LCL"), the Company and LCL agreed that LCL could capitalise up to £2,000,000 of the interest it is owed by the Company into SNR Shares at a price of 4 pence per SNR Share (the "Conversion Right"). The Conversion Right was granted conditionally upon approval of Shareholders, on the proviso that if it was not approved by Shareholders prior to 13 August 2014, the Company would be in default under the terms of its facility agreement with LCL. On 17 December 2013, Shareholders authorised the Directors to allot 90,000,000 SNR shares at the Company's Annual General Meeting. To date 51,000,000 of this authority has been utilised or is needed to satisfy the arrangements with investors and creditors set out above, leaving 39,000,000 SNR Shares available to Directors to allot. There is therefore insufficient authority to grant the Conversion Right to LCL and to allow the Directors to execute their proposed strategy. It is therefore proposed to seek authority from Shareholders to authorise the Directors to: (a) grant theConversion Right exercisable over 50,000,000 SNRShares; and (b) allot a further 61,000,000 SNR Shares for cash on a non pre-emptive basis. This is in addition to the remaining existing authority to allot 39,000,000 SNR Shares. If the Resolutions were passed the Directors would have the authority to allot a further 100,000,000 SNR Shares representing 36.8 per cent. of the issued share capital, assuming the Conversion Right has been exercised in full and the 51,000,000 SNR Shares the Company has committed to allot to investors and creditors have been allotted in full. |
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