7th Jul 2015 12:39
LONDON (Alliance News) - StratMin Global Resources PLC Tuesday said it has raised GBP625,000 after placing 15.6 million new shares at 4.0 pence per share.
In connection with the placing, StratMin also will issue 406,250 warrants to its broker at an exercise price of 4.0 pence any time before July 12, 2018.
The net proceeds of the placing will be used to further bankable feasibility studies at the company's new Mahefedok project in India and for general working capital purposes.
"We are very excited with the progress being made at our new project area. This placement will enable us to accelerate the bankable feasibility studies for a new mine and plant with a target 12,000 tonne per annum flake graphite output," said Chief executive Brett Boynton.
StratMin shares were down 7.4% to 4.40 pence per share on Tuesday afternoon following the announcement.
By Joshua Warner; [email protected]; @JoshAlliance
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