Business
Southern Minerals Group ("SMG") Update
Southern Minerals Group ("SMG") Update.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1573H\n Strategic Minerals PLC\n 02 August 2021\n \n \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain 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 \n \n \n \n \n 2 August 2021\n \n \n Strategic Minerals plc\n \n \n (\"Strategic Minerals\", \"SML\" or the \"Company\")\n \n \n Southern Minerals Group (\"SMG\") Update\n \n \n June Quarterly Report from CV Investments LLC (\"CVI\") Receiver\n \n \n \n \n \n Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a profitable producing mineral company,\n \n announces that the Receiver appointed to CVI, against which the Company's wholly owned subsidiary, SMG, has an arbitrated claim for US$21.9m, has provided its June 2021 quarter report on the progress of the receivership of CVI. \n \n The main items from the report are:\n \n · Unencumbered cash held in Receiver controlled accounts was US$7,374,976.35 at the end of the June 2021 quarter. This amount is after payment of all expenses (including the Receiver's cost).\n \n · The Receiver identified the potential to realise between US$10-15m from additional claims.\n \n · It was not likely that the receivership will be completed before the end of this year. \n \n The full June 2021 quarter report from the Receiver can be found at \n \n https://broadreachreceiver.com/uploads/1/3/2/9/132950887/2021-07-30_doc._108_receiver_s_fourth_quarterly_status_report.pdf \n \n Commenting, John Peters, Managing Director of Strategic Minerals, said: \n \n \n \"The updated Receiver's report, with its identification of the potential for additional material realisations, highlights the possibility of a partial recovery of SMG's arbitrated claim on CV Investments. \n \n \n \"It is currently not possible for the Company to quantify either the potential settlement amount, if any, or its likely timing. Accordingly, the Company has not factored the receipt of any such proceeds into its financial plans.\n \n \n \"In line with the receivership nearing its conclusion, the Company expects to more frequently update the market on its progress.\n \"\n \n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n...