Strategic Minerals PLC Contract Escrow Agreement Signed and Funds Wired (3227C)
12 April 2017 - 6:45PM
UK Regulatory
TIDMSML
RNS Number : 3227C
Strategic Minerals PLC
12 April 2017
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
12 April 2017
Strategic Minerals plc
("Strategic Minerals" or the "Company" or "SML")
Cobre Magnetite Contract Escrow Agreement Signed and Deposit
Funds Wired
Strategic Minerals PLC (AIM: SML; USOTC; SMCDY), the diversified
mineral production and development company, is pleased to announce
that its subsidiary Southern Minerals Group ("SMG"), the operator
of the Cobre magnetite stockpile, entered into an Escrow Agreement
in relation to the contract announced in the RNS on 10 April 2017
and has seen evidence that the counterparty to the contract has
wired the US $250,000 deposit to be held in escrow by independent
solicitors.
Accordingly, the new contract is now in force with sales under
the contract to commence from 1 June 2017. The counterparty may
wish to undertake some sales in May but these will be treated
independently.
Commenting, John Peters, Managing Director of Strategic
Minerals, said:
"The speed and professionalism shown, by both Southern Minerals
Group's President Clovis Hooper and his counterpart, augurs well
for the completion of this contract over the years.
"The impact of this contract on SML is significant and provided
it runs its full course, the revenue from the entirety of this
contract is expected to be well in excess of SML's current market
value. This is anticipated to have a strongly positive impact on
future cashflow and profitability."
For further information, please contact:
Strategic Minerals plc
John Peters
Managing Director
www.strategicminerals.net
Follow Strategic Minerals on:
Twitter: @SML_Minerals
LinkedIn: www.linkedin.com/company/strategic-minerals-plc +61 (0) 414 727 965
SP Angel Corporate Finance LLP
Nominated Adviser and Joint
Broker
Ewan Leggat +44 (0)20 3470 0470
Optiva Securities Limited
Joint Broker
Graeme Dickson +44 (0)20 3411 1880
Yellow Jersey PR
Financial PR
Felicity Winkles
Alistair de Kare-Silver
Joe Burgess +44 (0)7825 916 715
Notes to Editors
Strategic Minerals Plc is an AIM-quoted, diversified mineral
development and production company with projects in the United
States of America, the UK and Australia. The Company is focused on
acquiring and developing cash generative, high quality projects
which meet local market demand for commodities and utilising this
cash flow to undertake value added exploration.
In September 2011, Strategic Minerals purchased its first cash
generating asset; the Cobre magnetite tailings dam project in New
Mexico, USA which it brought into production in 2012 and which
continues to provide a revenue stream for the Company. The
portfolio was expanded in January 2016 with the acquisition of
shares in Central Australian Rare Earths Pty Ltd, which holds
tenements in Western Australia and the Northern Territory that are
prospective for cobalt, gold, nickel sulphides and rare earths. In
May 2016, an additional exploration asset was acquired when the
company entered into an agreement with New Age Exploration Limited
to acquire up to 50% of the Redmoor Tin/Tungsten project in
Cornwall, UK. This 50% acquisition has now been completed and
drilling at the project has commenced.
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTGIGDSXSBBGRD
(END) Dow Jones Newswires
April 12, 2017 04:45 ET (08:45 GMT)
Strategic Minerals (LSE:SML)
Historical Stock Chart
From Apr 2024 to May 2024
Strategic Minerals (LSE:SML)
Historical Stock Chart
From May 2023 to May 2024