LONDON (Alliance News) - StratMin Global Resources PLC Monday said it has repaid a GBP750,000 convertible loan instrument that had been issued to Darwin Strategic Ltd towards the end of 2013, adding that it will not draw down the second tranche of the loan.
In a statement, the Madagascar-focused graphite exploration and production company said it repaid the senior secured convertible loan notes issued to Darwin Strategic in early December, confirming that it has no other outstanding debt facilities.
Under the original funding arrangement, there was a possibility of StratMin issuing a further GBP750,000 tranche to Darwin Strategic. The proceeds of the first tranche were earmarked by StratMin to fund developments at its Loharano plant, as well as to provide working capital.
Darwin Strategic was founded in November 2009 with the aim of providing funding to AIM-listed companies.
"The repayment of this loan was made possible by the strengthening of StratMin's balance sheet, putting the company on a more stable footing as we move towards full production. We look forward to seeing the improved yields being achieved following recent plant modifications reflected in the bottom line," Manoli Yannaghas, managing director, said in a statement.
StratMin shares were Monday quoted at 8.54 pence, up 5.1%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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