Business
£1.5m Placing with Exercise of Management Options
£1.5m Placing with Exercise of Management Options.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 9003U Strategic Minerals PLC 30 October 2017 \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 \n30 October 2017\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\n \nOversubscribed Placing of £1.5m with Exercise of Management Options \n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, announces that the Company has placed 66,666,667 new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") at a placing price of 2.25p per share (the \"Placing\"). Two employees of the Company (CFO, Julien McInally and President of SMG, Clovis Hooper) have exercised an aggregate of 36,000,000 vested share options at a price of 1 pence per new Ordinary Share, which were then placed on their behalf by the Company. Accordingly, the Company has raised a total of £1,050,000 before expenses. This placing is in line with the Company's strategy of acquiring and developing mineral and metal projects that the Directors expect to have significant value upside over the next 3 to 5 years.\n \nKey Highlights\n \n· Placing significantly oversubscribed and increased from initial £500,000 to £1,500,000 - evidencing strong investor demand and support \n \n· The proceeds of the Placing, which is expected to provide the Company a net total of approximately £1,015,000, will be utilised to secure and develop the Leigh Creek Copper Project in Australia, subject to due diligence (see announcement dated 16 October 2017)\n \n· A new institutional investor participated in the placement, in addition to the Company's largest existing shareholder, the Manners family\n \n· To satisfy the high level of investor demand, Mr McInally and Mr Hooper agreed to exercise share options to make more new Ordinary Shares available, whilst also eliminating an element of potential share overhang\n\n· All Directors of the Board elected to retain existing share options\n\n· Placin...