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Share Price Information for Strategic Minerals (SML)
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Share Price:
0.20
Bid:
0.15
Ask:
0.25
Change:
-0.05 (-20.00%)
Spread:
0.10 (66.667%)
Open:
0.25
High:
0.25
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Don't have an account? Click here to register.Strategic Minerals raises ?0.9m ahead of Cornwall Resources transaction
Tue, 25th Jun 2019 12:30
(Sharecast News) - Producing mineral company Strategic Minerals has raised £0.89m before expenses by way of a placing and subscription of 63,571,425 new ordinary shares at a price of 1.4p each, it announced on Tuesday.The AIM-traded firm said the proceeds of the placing would be used primarily to facilitate the closing of the purchase of the balance of shares in Cornwall Resources (CRL), as well as to provide working capital for the Leigh Creek Copper Mine project.It said the placing remained conditional on admission of the new ordinary shares to trading on AIM.The company said the placing was supported by its largest existing shareholder, the Manners family, with participation by three directors, two employees and a consultant.It explained that the placing was required to allow the intended reorganisation of funding for the CRL acquisition.The proceeds of the placing were primarily intended to partially fund the settlement of the CRL transaction, which the firm said it intended to settle on 27 June, albeit with alternate funding arrangements currently being finalised.It added that the proceeds would also be used to provide working capital for the Leigh Creek Copper Mine project, which was expected to deliver "significant" cash flow following the full restart of production, expected in the first quarter of 2020.Management said it still considered that payment of $4.07m, owed to the company by the major Cobre client, was "imminent" and could be received "at any time"."This modest placing has been undertaken as we await the anticipated receipt of over $4m from the Cobre client," said Strategic Minerals chairman Alan Broome."SML appreciates the continued backing of our largest shareholder, as well as from another large, existing investor."The remaining participants in the placing consisted of the board and the wider SML team."Broome said the board considered all participants to the fund raise were likely to be long term shareholders, cognisant of the expected future value of the company."We remain in close contact with our Cobre client and believe payment may occur at any time."However, we are carefully preparing to progress a claim for substantial potential lost profits, should payment not be forthcoming in the near future."
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| Tuesday 6 August | |
| Eqtec PLC | AGM |
| Syncona Ltd | AGM |
| Wednesday 7 August | |
| Vulcan Industries PLC | AGM |
| Thursday 8 August | |
| Celebrus Technologies PLC | AGM |
| Chaarat Gold Holdings Ltd | GM re AIM delisting |
| Custodian Property Income REIT PLC | AGM |
| Harvest Minerals Ltd | AGM |
| Investec PLC | AGM |
| Marks Electrical Group PLC | AGM |
| Probiotix Health PLC | AGM |
| Quantum Exponential Group PLC | GM re potential substantial investment in company |
| Friday 9 August | |
| Ananda Developments PLC | AGM |
| Monday 12 August | |
| Alpha Financial Markets Consulting PLC | GM re takeover by Bridgepoint Advisers |
| Dekel Agri-Vision PLC | AGM |
| Firering Strategic Minerals PLC | AGM |
| Global Smaller Cos Trust PLC | AGM |
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| Sondrel Holdings PLC | GM re de-listing from AIM |
| Comments and questions to newsroom@alliancenews.com | |
| A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional. | |
| Copyright 2024 Alliance News Ltd. All Rights Reserved. | |
2 Aug 2024 10:02
Strategic Minerals signs new licence for mineral rights in Cornwall
(Alliance News) - Strategic Minerals PLC on Friday announced subsidiary Cornwall Resources Ltd has signed a new exploration licence and mining option for mineral rights in Cornwall, England.
Read more16 Jul 2024 21:54
IN BRIEF: Strategic Minerals chair retires, MD made interim chair
Strategic Minerals PLC - London-based mining and exploration company - Chair Alan Broome retires effective immediately. Managing Director John Peters to assume role of interim chair until board composition is finalised, expected this quarter. Company also proposes appointment of Jonathan Reynolds as independent technical non-executive director. Expects to complete appointment by end of August. Reynolds will replace Jeff Harrison who retired in April 2023. Says company had not been able to fill the role until recent turnaround in sales at its Cobre operation in New Mexico. Plans to add additional UK-based non-executive director with strong mining background.
Read more9 Jul 2024 11:48
Strategic Minerals shares soar amid record quarterly Cobre sales
(Alliance News) - Strategic Minerals PLC on Tuesday upgraded guidance following strong sales from the Cobre magnetite stockpile operation.
Read more9 Jul 2024 11:05
Strategic Minerals reports record sales in June quarter
(Sharecast News) - Strategic Minerals reported record-breaking sales for the quarter ended 30 June on Tuesday, driven by a significant increase in demand at its Cobre operation.
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Strategic Minerals doubles first quarter revenue at Cobre operation
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Strategic Minerals reports jump in Cobre sales revenue
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