Exercise of Warrants and Quarterly Report Update

RNS Number : 8722Y
Strategic Minerals PLC
08 March 2017
 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

8 March 2017

 

Strategic Minerals plc

("Strategic Minerals" or the "Company" or "SML")

 

Exercise of Warrants and Update re Quarterly Report

 

Strategic Minerals PLC (AIM: SML; USOTC; SMCDY), the diversified mineral production and development company, announces that Cornhill Capital Limited has provided a notice exercising its warrants over 8,333,333 ordinary shares of 0.1p each in the Company at a price of £0.006 per share. SML has received £50,000 pursuant to the exercise of these warrants and will notify the market when the new ordinary shares have been issued.

 

The Company also announces that it will not issue a quarterly update for December 2016 in light of the recent RNS disclosures relating to its three main areas of operations, namely Cobre (see RNS announcements dated 17 January 2017 and 1 February 2017), Redmoor (see RNS announcements dated 12 January 2017, 24 January 2017, 6 February 2017 and 2 March 2017) and Hanns Camp (see RNS announcement dated 28 February 2017).  The Board considers no additional relevant information would be disclosed by such an announcement apart from the Company's cash balance at 31 December 2016, which stood at USD1.205 million.  The Company expects to provide an update for the quarter ended 31 March 2017 by early May.

 

Commenting, John Peters, Managing Director of Strategic Minerals said:

 

"The exercise of the warrants by Cornhill Capital, associated with our June 2015 share issue, concludes our outstanding warrants and leaves only the options held by directors and management outstanding.  These options do not begin to vest until the share price reaches £0.015 with the earliest maturing in June 2018."

 

For further information, please contact:

 

Strategic Minerals plc

John Peters

Managing Director

www.strategicminerals.net

Follow Strategic Minerals on:
Twitter:   
@SML_Minerals                                                           
LinkedIn: 
www.linkedin.com/company/strategic-minerals-plc

 

+61 (0) 414 727 965

SP Angel Corporate Finance LLP

Nominated Adviser and Joint Broker

Ewan Leggat

Laura Harrison
 

+44 (0)20 3470 0470

Optiva Securities Limited

Joint Broker

Graeme Dickson

 

+44 (0)20 3411 1880

Yellow Jersey PR

Financial PR

Felicity Winkles

Alistair de Kare-Silver

Joe Burgess

 

+44 (0)7825 916 715 

Notes to Editors

 

Strategic Minerals Plc is an AIM-quoted, diversified mineral development and production company with projects in the United States of America, the UK and Australia. The Company is focused on acquiring and developing cash generative, high quality projects which meet local market demand for commodities and utilising this cash flow to undertake value added exploration. 

 

In September 2011, Strategic Minerals purchased its first cash generating asset; the Cobre magnetite tailings dam project in New Mexico, USA which it brought into production in 2012 and which continues to provide a revenue stream for the Company. The portfolio was expanded in January 2016 with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia and the Northern Territory that are prospective for nickel sulphides, gold and rare earths. In May 2016, an additional exploration asset was acquired when the company entered into an agreement with New Age Exploration Limited to acquire up to 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. This 50% acquisition has now been completed.

 


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