Business
Equity Fundraising
Equity Fundraising.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0147Q\n Strategic Minerals PLC\n 25 October 2021\n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.\n \n \n \n \n \n \n \n \n 25 October 2021\n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\", \"SML\" or the \"Company\")\n \n \n Equity Fundraising\n \n \n Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, \n announces that the Company has raised £400,000 before expenses by way of a placing and subscription of 106,666,667 new ordinary shares of 0.1p each in the Company (\"New Ordinary Shares\") at a price of 0.375p per share (the \"Placing\").\n \n \n Highlights\n \n \n · \n £400,000 raised to fund works to achieve unconditional \n Leigh Creek Copper Mine (\"LCCM\") Program for Environmental Protection and Rehabilitation (\"PEPR\") and provide working capital for the Deep Digital Cornwall (\"DDC\") project\n \n \n · \n LCCM PEPR work nearing completion in parallel with advanced funding discussions\n \n \n · \n DDC continues to progress as planned although rebate cycle has proven longer than anticipated\n \n \n \n \n \n The proceeds of the Placing will be used primarily to complete work required to satisfy conditions placed on the current PEPR associated with the Paltridge North deposit at the LCCM. In addition, the funds raised will be used to assist in the working capital requirements associated with funding Cornwall Resources Limited's (\"CRL\") portion of the DDC project, where the funding rebate process is taking longer than expected.\n \n \n \n \n \n Director Dealing \n \n \n \n \n \n Peter Wale (Executive Director) and John Peters (Managing Director) have each agreed to subscribe for 4,000,000 Placing Shares pursuant to the Placing. Details of Mr Wale and Mr Peters' subscriptions are shown in the table below.\n \n \n \n \n \n \n \n \n Director\n \n \n \n \n Placing Shares to be issued \n \n \n \n \n Resultant Shareholding on Admission\n \n \n \n \n % of Enlarged Issued Share Capital\n \n \n \n \n \n \n Peter Wale (Exe...