The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Related Party Loan Facility

8 Feb 2016 07:00

RNS Number : 3085O
Stratmin Global Resources PLC
08 February 2016
 

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

 

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

Related Shares

Back to RNS

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.