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SML.GB Strategic Minerals Plc

0.20
-0.05 (-20.00%)
13:17:03 - Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Strategic Minerals Plc AQSE:SML.GB Aquis Stock Exchange Ordinary Share GB00B4W8PD74
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -20.00% 0.20 0.15 0.25 0.25 0.20 0.25 0.00 13:17:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Strategic Minerals PLC Partial Redmoor Option exercise and extension (2603J)

08/09/2016 7:01am

UK Regulatory


Strategic Minerals (AQSE:SML.GB)
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TIDMSML

RNS Number : 2603J

Strategic Minerals PLC

08 September 2016

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

8 September 2016

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Partial Redmoor Option exercise and Option extension

Strategic Minerals PLC (AIM: SML; USOTC; SMCDY), the multi-minerals production, exploration and development company, is pleased to announce that it has agreed an extension to the option to acquire shares in NAE Resources (UK) Limited ("Redmoor"), further details of which were announced by the Company on 26 May 2016 (the "Option"). The Option entitled the Company to acquire 278,864 new ordinary shares in Redmoor for a total consideration of GBP945,348.96 in cash at any time prior to 31 December 2016. The Company has today agreed with Redmoor to an extension to the Option exercise deadline until 15 February 2017 (the "Option Period").

In addition, the Company has made a partial exercise under the Option, for 30,000 new ordinary shares in Redmoor at a price of GBP3.39 per share for a total consideration of GBP101,700. This, when combined with the Company's current holding of 30,973 shares, will result in the Company holding 16.4% of Redmoor's issued capital. Following this partial exercise, the Option now entitles the Company to acquire 248,864 new ordinary shares in Redmoor for a total consideration of GBP843,648.96. Should the Company exercise the balance of the Option in full, the Company would have a 50% interest in the enlarged share capital of Redmoor.

Should Strategic Minerals fail to exercise, in full, its Option to subscribe for the Redmoor shares, then New Age Exploration Limited ("NAE") will have a five year right to acquire any shares subscribed for under the Option at the face value of GBP3.39 per share. This does not impact on NAE's previous right to acquire all of the initial 30,973 Redmoor subscription shares for a total of GBP1.00 should the Company, or its nominee, fail to have exercised, in full, its Option during the Option Period.

Funds from the current subscription for 30,000 new ordinary Redmoor shares will be applied by Redmoor primarily for advancing the project during the pre-drilling phase and to cover working capital requirements. Work associated with preparing for drilling is expected to commence this month in line with Redmoor's stated target of commencement of drilling in the first half of 2017.

Commenting, Strategic Mineral'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.

"The partial subscription of 30,000 shares, under the Option, confirms the Board's intent to take the Option up in full and provides funding to prepare the project for drilling in the first half of 2017."

For further information, please contact:

 
  Strategic Minerals plc 
   John Peters 
   Managing Director 
   www.strategicminerals.net      +61 (0) 414 727 965 
 
 Allenby Capital Limited 
  Nominated Adviser and Broker 
  John Depasquale 
  Jeremy Porter 
  James Reeve                     +44 (0)20 3328 5656 
 
 Yellow Jersey PR 
  Financial PR 
  Dominic Barretto                +44 (0) 7825 916 
  Alistair de Kare-Silver          715 
 

Notes to Editors:

Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America and Australia. The Company's focus is on acquiring and developing cash generative, high quality projects that meet local market demand for commodities and utilising this cash flow to undertake value added exploration.

In September 2011, Strategic Minerals purchased its first cash-generating asset, the Cobre magnetite tailings dam project in New Mexico, USA, brought into production in 2012, which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for nickel sulphides, platinum and rare earths. Strategic Minerals has completed drill-testing the highest priority nickel sulphide targets within the tenements and has successfully intersected nickel sulphide and platinum. In May 2016, the Company also entered arrangements to buy up to 50% of the Redmoor tin/tungsten exploration project in Cornwall, UK.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSSISIAFMSEEU

(END) Dow Jones Newswires

September 08, 2016 02:01 ET (06:01 GMT)

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