Repayment of New Age Exploration Redmoor Loan

RNS Number : 0739R

Strategic Minerals PLC

25 June 2020

 

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.

25 June 2020

Strategic Minerals plc

("Strategic Minerals" or the "Company")

Repayment of New Age Exploration Redmoor Loan

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials , announces that it has today repaid New Age Exploration Limited (NAE) a total of AUD 1,822,547.95 (AUD 1,800,000 outstanding loan principal and AUD 22,547.95 of accrued interest).

The payment now settles the loan and leaves the Company with no debt.

Commenting, John Peters, Managing Director of Strategic Minerals, said:

"The repayment of the NAE loan removes overhang issues for the Company and places it in a comfortable position from which to pursue potential joint venture partners for the commencement of production at its Leigh Creek Copper Mine project and to progress the Redmoor Project. "

For further information, please contact:
Strategic Minerals plc		[phone]
John Peters
Managing Director
Website:	www.strategicminerals.net
Email:	[e-mail]
Follow Strategic Minerals on:
Vox Markets:	https://www.voxmarkets.co.uk/company/SML/
Twitter:	@SML_Minerals
LinkedIn:	https://www.linkedin.com/company/strategic-minerals-plc
Facebook:	https://www.facebook.com/search/top/?q=strategic%20minerals%20plc
SP Angel Corporate Finance LLP		[phone]
Nominated Adviser and Broker
Ewan Leggat
Charlie Bouverat

Notes to Editors

Strategic Minerals plc is an AIM-quoted, operating minerals company actively developing projects prospective for battery materials. It has an operation in the United States of America and Australia along with development projects in the UK and Australia. The Company is focused on utilising its operating cash flows, along with capital raisings, to develop high quality projects aimed at supplying the metals and minerals being sought in the burgeoning electric vehicle/battery market.

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating asset, which it brought into production in 2012 and which continues to provide a revenue stream for the Company. This operating revenue stream is utilised to cover company overheads and invest in development projects orientated to supplying the burgeoning electric vehicle/battery market.

In January 2016, the portfolio was expanded with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia prospective for cobalt, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In September 2018, the Company entered contracts for the sale of certain CARE tenements identified as gold targets.

In May 2016, the Company entered into an agreement with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin/Tungsten project in Cornwall, UK. The bulk of the funds from the Company's investment were utilised to complete a drilling programme that year. The drilling programme resulted in a significant upgrade of the resource. This was followed in 2018 with a 12-hole 2018 drilling programme has now been completed and the resource update that resulted was announced in February 2019.  In March 2019, the Company entered into arrangements to acquire the balance of the Redmoor Tin/Tungsten project.  This was completed on 24 July 2019.

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Austra lia and brought the project into production in April 2019.

 

END

 

 

MSCSEMSAIESSEIM