We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tri-star Resources Plc | LSE:TSTR | London | Ordinary Share | GB00BGDLPW84 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.80 | 1.50 | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTSTR
RNS Number : 7583C
Tri-Star Resources PLC
24 January 2018
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
24 January 2018
Tri-Star Resources plc
("Tri-Star" or the "Company")
Tri-Star invests a further $2.8 million in Oman joint venture company SPMP
Investment in SPMP
Tri-Star announces that it has invested a further $2.8 million (GBP2.05 million) via additional mezzanine loan to Strategic & Precious Metals Processing LLC ("SPMP") ("SPMP Mezzanine Loan") to assist in further development of the Oman Antimony Roaster Project ("OAR"). The OAR is located in Sohar, Sultanate of Oman. Tri-Star has a 40% equity interest in SPMP.
The investment in SPMP has been financed from Tri-Star's existing cash resources, constituting part of the proceeds of the recent Open Offer to shareholders. Of the remaining net proceeds of the Open Offer, $2.7 million (GBP2.0 million) has been applied to part repay loans outstanding from funds under the discretionary management of Odey Asset Management. The balance of the GBP4.42 million of funds raised from the Open Offer (being GBP0.37 million) has been retained to pay the costs of the Open Offer and provide additional funds for general corporate purposes.
The terms of this $2.8 million SPMP Mezzanine Loan are identical to the existing mezzanine loan Tri-Star invested in SPMP in November 2017. Contemporaneous with this investment, the two other shareholders in the OAR have invested further funds of $13.2 million in the project. Since November 2017, therefore, SPMP shareholders have invested a total of $22 million of additional funding into the OAR, of which Tri-Star has invested $8.8 million (including this latest $2.8m) representing 40% of the total additional funding of $22 million. All these investments have been made on the same financial terms as each other.
OAR Update
Supply
The first batch of antimony concentrate has been delivered to the OAR's warehouse in Sohar. Discussions with multiple supply providers continue as the SPMP team focuses on off-take agreements with key consumers and traders.
Financing
SPMP is finalising agreements with providers of bank finance on an additional funding package which will satisfy all SPMP's funding requirements through to commercial production. Further announcements concerning this will be made by Tri-Star, as appropriate.
Capital cost
The forecast capital cost to complete the OAR has increased marginally, by $1 million, to $109 million mainly due to the impact of movements in exchange rates. Of the $109 million, $74 million has been committed and SPMP expects all items of major equipment will be on site by the end of this month. SPMP's focus is now on completing the cabling and piping interconnections between the major production elements; as well as completion of two buildings and instrumentation controls.
Commissioning
Commissioning of the OAR is expected to be delayed due to the late supply of switchgear and the required connection to main grid power. Various permissions and compliance requirements mean that the date for switching medium voltage power on may need to be pushed back from current schedule. SPMP's management team is endeavouring to minimise this delay but this will be dependent on other factors, including implementing a sequential electrification programme across the whole site with the relevant utilities and local authorities.
References to "$" in this announcement mean US dollars.
Enquiries:
Tri-Star Resources plc Tel: +44 (0) 20 3470 0470
Guy Eastaugh, Chief Executive Officer
SP Angel Corporate Finance (Nomad and Broker) Tel: +44 (0) 20 3470 0470
Robert Wooldridge / Jeff Keating
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 776 932 5254
Charles Goodwin / Joe Burgess
This information is provided by RNS
The company news service from the London Stock Exchange
END
JVEDZLBLVFFBBBF
(END) Dow Jones Newswires
January 24, 2018 02:06 ET (07:06 GMT)
1 Year Tri-star Resources Chart |
1 Month Tri-star Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions