Business
Leigh Creek Copper Mine Conditions Precedent Met
Leigh Creek Copper Mine Conditions Precedent Met.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 9709F Strategic Minerals PLC 27 February 2018 \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 \n27 February 2018\n \nStrategic Minerals plc\n(\"Strategic Minerals\", \"SML\" or the \"Company\")\n \nLeigh Creek Copper Mine Conditions Precedent Met\nAcquisition Moves to Settlement\n \n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, is pleased to announce that, further to its announcement on 25 January 2018, all conditions precedent, including the Foreign Investment Review Board approval, have now been met and the acquisition of the Leigh Creek Copper Mine (\"LCCM\") is to be settled within 5 business days. The acquisition involves the payment of AUD 1,500,000 (approx. GBP 850,000) and the subsequent issue of SML shares valued at AUD 1,450,000 based on the volume weighted average share price throughout the month of March. These shares are subject to dealing restrictions, with one third being locked-up for three months after issue, and another third being locked-up for six months after issue. \n \nHighlights\n \n· All conditions precedent associated with the contract for the purchase of the Leigh Creek Copper Mine have been met\n\n· Final settlement required within the next five business days\n\n· 24,900 tonnes of JORC compliant resource copper metal acquired at less than USD 100 per tonne of contained copper\n\n· Offtake Agreement in place for 100 per cent of copper production\n\n· Production rate of over 200 tonnes of copper per month expected to be reached in approximately one year\n \n· Strategic review of development options commenced, opportunities identified to increase metal recoveries and optimise cash flows\n \nA copy of the Company's presentation on the Leigh Creek Copper Mine has been added to the Strategic Minerals website and may be viewed at:\nhttp://www.strategicminerals.net/files/201802_Strategic_Minerals_Presentation_LCCM.pdf \n\nManaging Director ...