Business
Cobre Client Update
Cobre Client Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 5973B Strategic Minerals PLC 10 June 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain 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.\n \n10th June 2019\nStrategic Minerals plc\n(\"Strategic Minerals\", \"SML\" or the \"Company\")\nCobre Client Update\nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, wishes to inform the market that the payments of just over US$4 million, to be made by the major client at Cobre by 7th June 2019, referred to in the Company's announcement of 24th May 2019, have not, as yet, been received. The client has been keeping the Company informed of procedural delays to its funding lines and continues to indicate that payment is imminent. However, despite the client's assurances, the Company considers that it is in the best interests of shareholders to prepare a claim for service on the client, which is likely to seek damages in excess of the amounts due.\n \nJohn Peters, Managing Director of Strategic Minerals, commented:\n\"The Company is hopeful that a non-litigious solution can be reached with the major Cobre client. However, in the best interests of shareholders, the board has agreed to prepare a claim in relation to potential lost profits associated with the balance of sales due under the contract. It is expected that this claim will be served shortly, and the Company will keep the market apprised of developments in respect of this claim.\"\n \n\n\n\nFor further information, please contact:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStrategic Minerals plc\n\n\n+61 (0) 414 727 965\n\n\n\n\nJohn Peters\n\n\n\n\n\n\n\nManaging Director\n\n\n\n\n\n\n\nwww.strategicminerals.net\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFollow Strategic Minerals on:\n\n\n\n\n\n\n\nVox Markets:\n\n\nhttps://www.voxmarkets.co.uk/company/SML/\n\n\n\n\nTwitter: \n\n\n@SML_Minerals\n\n\n\n\nLinkedIn:\n\n\nhttps://www.linkedin.com/company/strategic-minerals-plc\n\n\n\n\nFacebook:\n\n\nhttps://www.facebook.com/search/top/?q=strategic%20minerals%20plc\n\n\n\n\n\n\n\n\n\n\n\n\nSP Angel Corporate Finance LLP\n\n\n+44 (0) 20 3470 0470\n\n\n\n\nNom...