LONDON (Alliance News) - StratMin Global Resources PLC said on Friday it has raised GBP300,000 through the placing of 12 million shares at a price of 2.5 pence each.
The company said it will use the proceeds from the placing to complete due diligence on opportunities related to graphite-based energy storage applications that it has been working on, as well as to finalise terms and documentation and to provide working capital.
As a result of confidential corporate opportunities currently under investigation, StratMin is deemed to be in a close period. Once it is next in an open period, StratMin Global said the management team will convert outstanding directors fees and other arrears amounting to approximately GBP300,000 into new shares at either the placing price or the company's share price at that time, depending on which is higher.
Shares in StratMin Global were up 2.3% at 2.69 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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