JOHANNESBURG (miningweekly.com) – Aim-listed graphite miner StratMin Global Resources has completed a private placement to raise £300 000 to be used to complete due diligence on confidential corporate opportunities related to graphite-based energy storage applications that StratMin was working on.
The budget required to progress these opportunities was over and above the expansion funding provided for the company’s Madagascar-based Loharano operation pursuant to the transaction with Bass Metals.
As a result of confidential corporate opportunities currently under investigation, the company was in a closed period; however, in its next open period, executive management and certain members of a concert party would convert outstanding directors fees and other arrears amounting to £300 000 into new ordinary shares.
Following completion of the placing, the concert party would hold interests in ordinary shares carrying, in aggregate, 32% of the voting rights of the company.
"We are very encouraged to welcome a number of new investors to the register and to be able to further progress a significant corporate opportunity for the company with the completion of this placement.
"The executive team recently committed to taking equity in lieu of cash for all their accumulated salaries and fees to date and I am pleased we will be able to make good on that commitment alongside this new investment. It is also encouraging to have the concert party commit to participate in that equity undertaking with senior management and we thank them for their unwavering support,” CEO Brett Boynton commented.