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Issue of Equity

17 Sep 2013 07:00

RNS Number : 1383O
Stratmin Global Resources PLC
17 September 2013
 



17 September 2013

 

StratMin Global Resources Plc

("StratMin" or the "Company")

 

Issue of Shares

 

StratMin (AIM: STGR), the graphite production and exploration company with assets in Madagascar, is pleased to announce that it has raised gross proceeds of £750,000 by means of a placing of new ordinary shares ("the Placing"). The Placing is comprised of 4,166,667 new ordinary shares of four pence each ("New Ordinary Shares") in the Company at a price of 18 pence per share and 100% warrant coverage for a period of nine months from the Admission Date at 20 pence per share.

 

Application has been made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that trading will commence on or around 20 September 2013. On Admission of the New Ordinary Shares, the Company will have 69,701,254 ordinary shares of four pence each in issue.

 

The funds raised will be used by the Company to invest in further upgrades at the Lohorano plant in order to increase the produced graphite carbon content grade, and for working capital as the Company works towards cashflow break even.

 

Manoli Yannaghas, StratMin's Managing Director said: "This is a very positive development for StratMin and is, I believe, an endorsement of our strategy to grow the Company."

 

For further information please visit www.stratminglobal.com or contact:

 

StratMin Global Resources Plc

+44 (0) 20 7467 1700

Manoli Yannaghas (Managing Director)

Peel Hunt LLP (Nomad & Broker)

Matthew Armitt / Harry Florry

+44 (0) 20 7418 8900

Tavistock Communications (Financial PR & IR)

Simon Hudson / Conrad Harrington

+44 (0) 20 7920 3150

 

-ends-

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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