Business
Completes First Leg of Investment & Issues Equity
Completes First Leg of Investment & Issues Equity.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 7964D Strategic Minerals PLC 11 July 2016 \n\n11 July 2016\n Strategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\n \nSML Completes First Leg of Redmoor Investment and Issues Equity\n \nFurther to its announcement on 26 May 2016, regarding the investment in NAE Resources (UK) Limited (\"Redmoor\"), Strategic Minerals Plc (AIM: SML; USOTC: SMCDY), the minerals production and development company, announces that it has now acquired a total of 30,973 new ordinary shares in Redmoor at a price of £3.39 per share, representing approximately 9% of the issued capital of Redmoor (as enlarged by the issue of these new shares), for a total consideration of £104,998.47. In line with the completion of the acquisition of these shares, the Company has issued to New Age Exploration Limited (\"NAE\") the second tranche of new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") pursuant to the tripartite agreements entered into between the Company, NAE and Redmoor, further details of which were announced on 26 May 2016.. The Company has today issued 10,000,000 Ordinary Shares (the \"Subscription Shares\") to NAE at a price of 0.3 pence per Ordinary Share, for a total consideration of £30,000.\n \nApplication has been made for admission of the Subscription Shares to trading on AIM (\"Admission\") and it is expected that Admission will occur on or around 15 July 2016.\n.\nTotal voting rights\n \nFollowing the issue of the Subscription Shares and with effect from Admission, the Company's issued share capital will consist of 1,068,492,227 Ordinary Shares, with one voting right per share. Strategic Minerals does not hold any ordinary shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 1,068,492,227. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.\n \nStrategic Mineral's Managing Director, John Peters, said:\n \nThe Company's purchase of shares in Redmoor, and the issue of the Company's shares to New Age Exploration, completes the first component of the Company's plan to acquire a 50% interest in Redmoor. The remain...