Business
Admission to Trading on AIM
Admission to Trading on AIM.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 0191I Strategic Minerals PLC 08 June 2011 \n \n\n08 June 2011\nStrategic Minerals Plc\n(\"SM\" or \"the Company\")\n \nAdmission to Trading on AIM\nFund Raising of £750,000 on IPO\n \nHighlights\n· Admission to AIM with a market capitalisation of approximately £14.8 million \n· Placing of new ordinary shares at 5p per share, raising £750,000 before expenses for the Company \n· Proceeds to be used to fund the next phase of exploration, for the Company'smagnetite iron ore exploration project in Northeast Queensland, Australia and for working capital \n· Exploration permit for an area of 2,100 hectares at Company's flagship project, the \"Tenement\"\n \n \nStrategic Minerals (\"SM\" or \"the Company\"), an iron ore focused exploration company with assets in North Eastern Australia, today announces the successful completion of a placing (the \"Placing\") raising £750,000 for the Company, before expenses. Admission of the entire issued share capital of the Company to trading on AIM is expected to commence at 8.00am today (\"Admission\"). Allenby Capital act as Nomad and broker to the Company.\nPursuant to the Placing, the Company has issued 15million new shares at 5p each (the \"Placing Price\"). Based on the Placing Price, the market capitalisation of Strategic Minerals immediately following Admission will be approximately £14.8 million. \n \nOverview of Strategic Minerals\n \nStrategic Minerals is a Queensland-based company incorporated in the UK on 1 June 2010. The Company's wholly owned subsidiary, Iron Glen Pty Ltd, has title to the Tenement, which is located approximately 40 kilometers southwest of Townsville, Queensland. The Tenement, which covers an area of 2,100 hectares, is an exploration permit for minerals and was granted on 24 May 2007.\n \nThe Tenement and surrounding area are located on a rich belt of deposits. Historic production on the Tenement was carried out by North Australian Cement Limited (\"NACL\") in an area known as the Iron Glen Pit. NACL used the magnetite mined in this pit in the production of cement and with the closing of the cement operation ceased operations in 1969. The Ten...