TIDMSML
RNS Number : 0147Q
Strategic Minerals PLC
25 October 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018.
25 October 2021
Strategic Minerals plc
("Strategic Minerals", "SML" or the "Company")
Equity Fundraising
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing
mineral company actively developing projects prospective for
battery materials, announces that the Company has raised GBP400,000
before expenses by way of a placing and subscription of 106,666,667
new ordinary shares of 0.1p each in the Company ("New Ordinary
Shares") at a price of 0.375p per share (the "Placing").
Highlights
-- GBP400,000 raised to fund works to achieve unconditional
Leigh Creek Copper Mine ("LCCM") Program for Environmental
Protection and Rehabilitation ("PEPR") and provide working capital
for the Deep Digital Cornwall ("DDC") project
-- LCCM PEPR work nearing completion in parallel with advanced funding discussions
-- DDC continues to progress as planned although rebate cycle has proven longer than anticipated
The proceeds of the Placing will be used primarily to complete
work required to satisfy conditions placed on the current PEPR
associated with the Paltridge North deposit at the LCCM. In
addition, the funds raised will be used to assist in the working
capital requirements associated with funding Cornwall Resources
Limited's ("CRL") portion of the DDC project, where the funding
rebate process is taking longer than expected.
Director Dealing
Peter Wale (Executive Director) and John Peters (Managing
Director) have each agreed to subscribe for 4,000,000 Placing
Shares pursuant to the Placing. Details of Mr Wale and Mr Peters'
subscriptions are shown in the table below.
Director Placing Shares Resultant Shareholding % of Enlarged
to be issued on Admission Issued Share
Capital
Peter Wale (Executive
Director) 4,000,000 80,767,266 4.01%
--------------- ----------------------- --------------
John Peters (Managing
Director) 4,000,000 69,200,000 3.43%
--------------- ----------------------- --------------
Related Party Transaction
The participation in the Placing by Peter Wale and John Peters
as described above, (together the "PDMR Transactions") constitute
related party transactions pursuant to AIM Rule 13 of the AIM Rules
for Companies. Jeffery Harrison and Alan Broome, the independent
Directors for the purposes of the PDMR Transactions consider,
having consulted with the Company's nominated adviser, SP Angel
Corporate Finance LLP, that the issue of the Placing Shares to
these related parties is fair and reasonable insofar as
shareholders of the Company are concerned.
John Peters, Managing Directors of Strategic Minerals,
commented:
"The Directors are pleased to have undertaken this small raise
with a limited number of placees to ensure the capacity of the
Company to prudently fund critical work to complete PEPR
requirements and to continue progress in Cornwall.
"The Company considers that it will have submitted the necessary
additional PEPR information prior to the end of the year and
expects to be in production in the first quarter of 2022, resulting
in revenue flows around mid-2022, subject to funding. At the same
time, the Company has been progressing asset level funding
discussions which are now at an advanced stage and the Directors
consider these negotiations will be completed before the PEPR
becomes unconditional.
"Activities at CRL's Redmoor Tin and Tungsten project continue
progressing and the company considers that 2022 shows excellent
potential for this asset to achieve meaningful value
recognition."
Application for Admission
Application has been made for 106,666,667 New Ordinary Shares to
be admitted to trading on AIM ("Admission") and it is expected that
Admission will take place and that trading will commence on AIM at
8.00 a.m. on 28 October 2021. Once issued, the New Ordinary Shares
will rank pari passu with the Company's existing ordinary
shares.
Total Voting Rights
Following Admission, the enlarged issued share capital of the
Company will comprise 2,015,964,616 Ordinary Shares of 0.1 pence
each. The Company does not hold any ordinary shares in treasury.
Consequently, 2,015,964,616 is the figure which may be used by
shareholders as the denominator for the calculation by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Peter Wale
--------------------------------- ---------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Executive Director
--------------------------------- ---------------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Strategic Minerals Plc
--------------------------------- ---------------------------------------------------
b) LEI 213800DICA5NPVOJT776
--------------------------------- ---------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted .
--------------------------------------------------------------------------------------
a) Description of the ordinary shares of 0.1p each
financial instrument,
type of instrument
Identification code ISIN: GB00B4W8PD74
b) Nature of the transaction Subscription for shares pursuant to the
Placing
--------------------------------- ---------------------------------------------------
c) Price(s) and volume(s)
---------------------------- ------------------
Price(s) Volume(s)
---------------------------- ------------------
1. 0.375 pence 4,000,000
------------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume Price(s) Volume(s)
- Price 1. 0.375 pence 4,000,000
----------
--------------------------------- --------------------------------------------------------
e) Date of the transaction 25 October 2021
--------------------------------- ---------------------------------------------------
f) Place of the transaction XLON
--------------------------------- ---------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name John Peters
--------------------------------- ---------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Managing Director
--------------------------------- ---------------------------------------------------
b) Initial notification Initial Notification
/Amendment
--------------------------------- ---------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Strategic Minerals Plc
--------------------------------- ---------------------------------------------------
b) LEI 213800DICA5NPVOJT776
--------------------------------- ---------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted .
--------------------------------------------------------------------------------------
a) Description of the ordinary shares of 0.1p each
financial instrument,
type of instrument
Identification code ISIN: GB00B4W8PD74
b) Nature of the transaction Subscription for shares pursuant to the
Placing
--------------------------------- ---------------------------------------------------
c) Price(s) and volume(s)
---------------------------- ------------------
Price(s) Volume(s)
---------------------------- ------------------
1. 0.375 pence 4,000,000
------------------------------------------------------------------- ------------------
d) Aggregated information
- Aggregated volume Price(s) Volume(s)
- Price 1. 0.375 pence 4,000,000
----------
--------------------------------- --------------------------------------------------------
e) Date of the transaction 25 October 2021
--------------------------------- ---------------------------------------------------
f) Place of the transaction XLON
--------------------------------- ---------------------------------------------------
For further information, please contact:
Strategic Minerals plc +61 (0) 414 727 965
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Vox Markets: https://www.voxmarkets.co.uk/company/SML/
Twitter: @SML_Minerals
LinkedIn: https://www.linkedin.com/company/strategic-minerals-plc
Facebook: https://www.facebook.com/search/top/?q=strategic%20minerals%20plc
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Nominated Adviser and Broker
Matthew Johnson
Ewan Leggat
Charlie Bouverat
Notes to Editors
Strategic Minerals plc is an AIM-quoted, profitable operating
minerals company actively developing projects tailored to materials
expected to benefit from strong demand in the future. It has an
operation in the United States of America along with development
projects in the UK and Australia. The Company is focused on
utilising its operating cash flows, along with capital raisings, to
develop high quality projects aimed at supplying the metals and
minerals likely to be highly demanded in the future.
In September 2011, Strategic Minerals acquired the distribution
rights to the Cobre magnetite tailings dam project in New Mexico,
USA, a cash-generating asset, which it brought into production in
2012 and which continues to provide a revenue stream for the
Company. This operating revenue stream is utilised to cover company
overheads and invest in development projects aimed at supplying the
metals and minerals likely to be highly demanded in the future.
In May 2016, the Company entered into an agreement with New Age
Exploration Limited and, in February 2017, acquired 50% of the
Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds
from the Company's investment were utilised to complete a drilling
programme that year. The drilling programme resulted in a
significant upgrade of the resource. This was followed in 2018 with
a 12-hole 2018 drilling programme has now been completed and the
resource update that resulted was announced in February 2019. In
March 2019, the Company entered into arrangements to acquire the
balance of the Redmoor Tin/Tungsten project which was settled on 24
July 2019 by way of a vendor loan which was fully repaid on 26 June
2020.
In March 2018, the Company completed the acquisition of the
Leigh Creek Copper Mine situated in the copper rich belt of South
Austra lia and brought the project temporarily into production in
April 2019. The project has been granted a conditional approval by
the South Australian Government for a Program for Environmental
Protection and Rehabilitation (PEPR) in relation to mining of its
Paltridge North deposit and processing at the Mountain of Light
installation.
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