5 Jul 2017 07:30
05 July 2017
StratMin Global Resources Plc
("StratMin" or the "Company")
Update on Reverse Takeover
Further to the Company's most recent announcement of 21 June 2017, StratMin is pleased to announce an update on the timing and process of the proposed acquisition of Signature Gold Limited ("Signature Gold"), a specialist Australian gold exploration company focused on large-scale Intrusive Related Gold System ("IRGS") assets in Queensland, Australia (the "Transaction").
The Company is seeking to raise by subscription and placing £5.72 million, in order to develop Signature Gold's portfolio of early stage IRGS gold assets in Australia. The Company is pleased to announce that it has conditionally secured a £5 million subscription for 206,700,000 ordinary shares of 0.01 pence each in the capital of the Company ("Subscription Shares") ahead of the associated UK roadshow. On completion of the Transaction, the investment will be made by Axel Management Group Pty Ltd ("Axel"), an Australian incorporated investment company, at the price of 2.4 pence per ordinary share. The anticipated use of proceeds are as follows:
Sources of funds (A$000's) | 2017 (H2) | 2018 | Total |
Available Group Funds | 1,129 | - | 1,129 |
Placing | 9,681* | - | 9,681 |
Total | 10,810 | - | 10,810 |
Use of funds (A$000's) | 2017 | 2018 | Total |
RTO Expenses, Commissions and Fees | 1,313 | - | 1,313 |
Corporate (UK, AUS) | 307 | 1,211 | 1,518 |
Loan repayment | 290 | - | 290 |
Drilling | 450 | 1,522 | 1,972 |
Geophysics | 439 | 99 | 538 |
Geology/Geochem | 489 | 478 | 967 |
Geometallurgy | - | 123 | 123 |
Mine Planning | - | 120 | 120 |
Tenement Rents and Compliance | 138 | 237 | 375 |
Technical Salaries | 250 | 500 | 750 |
Elbrus Feasibility | 150 | 700 | 850 |
Capital Expenditure | - | 100 | 100 |
Working Capital | 1,896 | ||
Total | 3,825 | 5,089 | 10,810 |
*Conversion rates used to convert British Pound (GBP) to Australian dollars (AUD) for the purposes of this table are the closing rates as published by OANDA.com, As at 30 June 2017: GPB1 = AU$1.6925.
The Subscription Shares will be admitted to trading on AIM on the same day as the enlarged share capital of the Company.
Further information can be found on the Signature Gold website, www.signaturegold.com.au, where copies of the Scheme Booklet can be found following its publication on 30 June 2017, as announced by the Company on 30 June 2017.
Brett Boynton, CEO of StratMin, said,
"We are very pleased to announce the vast majority of our target fundraise has now been secured. This is a significant milestone in the transaction and leaves us in a good position to push ahead with what will be a transformative reverse takeover for both StratMin and Signature Gold.
"Signature Gold's existing Australian portfolio and non-binding option to acquire 51% of the Kasperske Hory project in Czech Republic offers an exciting opportunity to generate significant value for shareholders through application of its proven IRGS exploration model.
"We look forward to updating the market further as this transaction progresses."
Further announcements will be made by the Company in due course.
For further information please visit www.stratminglobal.com or contact:
StratMin Global Resources Plc Brett Boynton, CEO | +44 (0) 20 3691 6160 |
Allenby Capital Limited (Nominated Adviser & Broker) John Depasquale / Nick Harriss / Richard Short | +44 (0) 20 3328 5656 |
VSA Capital Limited (Financial Adviser & Broker) Andrew Raca | +44 (0) 20 3005 5000 |
Optiva Securities (Broker) Christian Dennis | +44 (0) 20 3137 1903 |
Yellow Jersey PR Felicity Winkles Joe Burgess | +44 (0) 776 932 5254
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