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(Sharecast News) - Battery metals-focussed producing mineral company Strategic Minerals raised £0.4m before expenses, it announced on Monday, to help it complete required work on the Paltridge North deposit.
The AIM-traded firm said the funds were raised by way of a placing and subscription of 106,666,667 new ordinary shares at a price of 0.375p each.
It said the funds would be used for works to achieve unconditional status on the Leigh Creek Copper Mine (LCCM) programme for environmental protection and rehabilitation (PEPR), and provide working capital for the 'Deep Digital Cornwall' (DDC) project.
The company said work on the PEPR was nearing completion, in parallel with advanced funding discussions, while the DDC was continuing to progress as planned, although the rebate cycle had proven longer than anticipated.
"The directors are pleased to have undertaken this small raise with a limited number of placees to ensure the capacity of the company to prudently fund critical work to complete PEPR requirements and to continue progress in Cornwall," said managing director John Peters.
"The company considers that it will have submitted the necessary additional PEPR information prior to the end of the year and expects to be in production in the first quarter of 2022, resulting in revenue flows around mid-2022, subject to funding."
Peters said that at the same time, the company had been progressing asset-level funding discussions, which were now at an advanced stage, adding that the board expected those negotiations to be completed before the PEPR became unconditional.
"Activities at CRL's Redmoor Tin and Tungsten project continue progressing and the company considers that 2022 shows excellent potential for this asset to achieve meaningful value recognition."
At 1606 BST, shares in Strategic Minerals were down 1.18% at 0.42p.
18 May 2016 07:57