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LONDON (Alliance News) - Strategic Minerals PLC on Monday said it has arranged the issue of the final 2.9 million shares due to Resilience Mining Australia Ltd for the acquisition of Leigh Creek Copper Mine Pty Ltd.
Strategic Minerals acquired Leigh Creek a year ago, after entering a deal with Resilience Mining to provide it with shares in Strategic Minerals worth AUD1.5 million.
The total number of shares to be issued was 41.6 million, of which 38.7 million were issued a year ago.
Under the deal, shares representing AUD100,000 of the total amount, meaning 2.9 million shares, were not to be issued until the first anniversary of the signing of the contract.
Admission of the new shares to trading on AIM in London is expected on Wednesday, after which Strategic Minerals will have 1.40 billion shares in issue.
Strategic Minerals shares were trading down 2.7% at 1.66 pence each.
