Strategic Minerals PLC - London-based exploration and production company - Raises GBP400,000 before expenses through a placing and subscription of 106.7 million new shares at a price of 0.375 pence each. The company intends to use the proceeds to fund works to achieve unconditional Leigh Creek copper mine - in South Australia - program for environmental protection & rehabilitation, and provide working capital for the Deep Digital Cornwall project in England.
"The company considers that it will have submitted the necessary additional program for environmental protection & rehabilitation 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," says Managing Director John Peters.
Current stock price: 0.41 pence, down 4.0%
Year-to-date change: up 2.0%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Strategic Minerals (SML)