8 Feb 2016 07:00
8 February 2016
StratMin Global Resources Plc
("StratMin" or the "Company")
Related Party Loan Facility
StratMin announces that on 1 February 2016 it agreed with Consolidated Resources Pte Ltd ("Consolidated Resources") that Consolidated Resources will provide an unsecured loan facility to Graphmada Mauritius, the Company's 93.5 per cent. subsidiary, of up to A$200,000 to provide short term working capital (the "Facility"). £24,212 has been drawn down under the Facility as of today's date. The funds advanced under the Facility are free of interest and are repayable at the earlier of the completion of the transaction with Bass Metals Ltd (as originally announced on 2 September 2015, with further updates provided subsequently) and 30 June 2016.
Related Party Transaction
Consolidated Resources is interested in approximately 11.10 per cent of the issued share capital of Stratmin and is represented on the board of Stratmin by David Premraj. As such, it is considered a "Related Party" under the AIM Rules for Companies. The independent directors of the Company (being Laurie Hunter, Brett Boynton and Shishir Poddar), having consulted with Strand Hanson Limited, the Company's Nominated Adviser, consider the Facility to be fair and reasonable insofar as shareholders are concerned.
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 Belliss | +44 (0) 20 7382 8300 |