4th Jan 2016 08:03
LONDON (Alliance News) - StratMin Global Resources PLC on Monday said it has received the first GBP500,000 in funding under its deal with Bass Metals Ltd announced back in September.
In September, StratMin agreed a farm-in deal with Australian-listed Bass, which has acquired a 25% stake in the subsidiary that holds the Loharano graphite project in Madagascar for GBP2.0 million.
The pair are now working together to complete the remaining GBP1.5 million of funding by the end of March 2016.
"The completion of the first tranche of funding from Bass gets us off to a great start for 2016. We had an extremely busy final quarter in 2015 with increased production and parallel plant refurbishments, but the team are already back on site after a short break over the festive season," said StratMin Chief Executive Brett Boynton.
By Sam Unsted; [email protected]; @SamUAtAlliance
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