7 Jul 2015 13:22
7 July 2015
StratMin Global Resources Plc
("StratMin" or the "Company")
Completion of £625,000 Placing
StratMin Global Resources Plc (AIM: STGR), London's only listed graphite production and exploration company, announces that it has raised gross proceeds of £625,000 through a placing of 15,625,000 new ordinary shares of 4 pence each (the "Ordinary Shares") at a placing price of 4 pence per Ordinary Share (the "Placing Shares") (the "Placing").
The Placing follows the signing of a binding strategic partnership and joint venture agreement with Tirupati Carbons & Chemicals Group (P) Ltd. ("Tirupati"), the private Indian-based graphite mining and processing group, with operations in India and Madagascar (as announced on 18 June 2015).
The net proceeds of the Placing will be used to further bankable feasibility studies at the Company's new Mahefedok project and for general working capital purposes.
Issue of Warrants
In connection with the Placing, the Company will issue 406,250 broker warrants at an exercise price of 4 pence, which are exercisable at any time up to and including 12 July 2018.
Admission to Trading and Total Voting Rights
Application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading will commence on AIM on or around 13 July 2015. Following Admission, the Company will have 148,867,004 Ordinary Shares in issue with each share carrying the right to one vote.
The Company has no Ordinary Shares held in treasury. The total number of voting rights in the Company following Admission will therefore be 148,867,004. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Concert Party
The shareholdings of the individuals set out below, who were deemed by the Panel on Takeovers and Mergers at the time of the Company's reverse takeover of Graphmada Equity Pte Ltd in January 2013 to be acting in concert (the "Concert Party"), before and after the abovementioned Placing are set out below:
Name | Number of Ordinary Shares held | % of Ordinary Shares outstanding prior to the issue of the Placing Shares | Number of Placing Shares subscribed for in the Placing | Total shareholding following the Placing | % of Ordinary Shares outstanding following the issue of the Placing Shares |
Caralapati Raghirah Premraj(1) | 16,813,319 | 12.62% | - | 16,813,319 | 11.29% |
Marthinus (Marius) Johannes Hendrik Pienaar | 12,150,000 | 9.12% | - | 12,150,000 | 8.16% |
Mrs Kesava Padmavathi | 8,100,000 | 6.08% | - | 8,100,000 | 5.44% |
Mrs Caryl Melissa Jane Pienaar | 6,500,000 | 4.88% | - | 6,500,000 | 4.37% |
Ghanshyam Champaklal | 5,025,000 | 3.77% | - | 5,025,000 | 3.38% |
Srirekam Kesava Purushotham | 2,700,000 | 2.03% | - | 2,700,000 | 1.81% |
Jeffrey Royce Marvin | 916,667 | 0.69% | - | 916,667 | 0.62% |
Total | 52,204,986 | 39.18% | - | 52,204,986 | 35.07% |
(1) Includes the shares issued to Non-Executive Director, David Premraj, on 31 March 2014
Following completion of the Placing (in which no individual member of the Concert Party has participated), the Concert Party will hold interests in Ordinary Shares carrying, in aggregate, approximately 35.07 per cent. of the voting rights of the Company.
Brett Boynton, CEO, commented:
"We are very excited with the progress being made at our new project area. This placement will enable us to accelerate the bankable feasibility studies for a new mine and plant with a target 12,000 tpa flake graphite output. We have a team active on the ground drawing expertise from our in-house geology team, our in-country exploration consultants Vato Consulting and the highly experienced technical team from our collaboration partners, Tirupati. Leveraging all the knowledge from our existing deposit at Loharano, they are rapidly progressing Mahefedok to development stage."
For further information please visit www.stratminglobal.com or contact:
StratMin Global Resources Plc Brett Boynton, CEO | +44 (0) 20 3691 6160 |
Strand Hanson (Nominated & Financial Adviser) Rory Murphy / James Spinney / Ritchie Balmer | +44 (0) 20 7409 3494 |
Beaufort Securities (Broker) Jon Bellis | +44 (0) 20 7382 8300 |
Blytheweigh (Financial PR) Halimah Hussain / Megan Ray | +44 (0) 20 7138 3204 |