12th Mar 2014 12:49
LONDON (Alliance News) - Stratmin Global Resources PLC Wednesday said it has conditionally raised GBP2.5 million through a share placing and has appointed John Hunter as non-executive Chairman with immediate effect.
The graphite producer with operations in Madagascar said it placed 27.8 million shares at 9 pence a share, and it will use the proceeds to further accelerate the development of the company's business.
Stratmin said it will use some of the funds to purchase a new filter press and additional earth moving equipment for use at the company's Loharano mine site, with the remainder going towards general working purposes as well as to develop an extended mine plan programme and to construct a clinic at Lohorano.
The company also said that Gobind Sahney stepped down as non-executive chairman and John Hunter took up the position on Wednesday.
Stratmin said that Laurie has over 40 years' experience in the financial and natural resource industries and was recently Chief Executive Officer and Chairman of Madagascar Oil Ltd.
The company thanked Gobind for his hard work and said he will continue to provide consultancy services to the Board.
Stratmin shares were down 8.8% to 9.69 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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