(Alliance News) - Strategic Minerals PLC on Thursday said it has raised GBP700,000 to go towards development of its Leigh Creek copper mine in South Australia and the Redmoor tin and tungsten project in Cornwall, England.
Strategic Minerals issued 175.0 million shares at 0.4 pence. Each share has a warrant attached, exercisable at 1p each before December 30, 2022.
Shares in the company were 7.9% lower at 0.42p each in London on Thursday afternoon.
"The proceeds of the placing will be used primarily for the renewal of equipment at the Cobre magnetite stockpile and for the ongoing development of the company's two other projects: Leigh Creek copper mine and the Cornwall Resources' Redmoor tin tungsten project," Strategic Minerals said.
By Eric Cunha; ericcunha@alliancenews.com
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Strategic Minerals (SML)