Business
Update on Acquisition of Leigh Creek Copper Mine
Update on Acquisition of Leigh Creek Copper Mine.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 9034B Strategic Minerals PLC 15 January 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 \n15 January 2018\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or \"the Company\")\n \nUpdate on Acquisition of Leigh Creek Copper Mine \n \nStrategic Minerals plc (AIM: SML; USOTC: SMCDY), the diversified mineral development and production company, wishes to inform the market that the exchange of contracts and hence settlement of the acquisition of Leigh Creek Copper Mine has been delayed by a combination of the December holiday period and the need to satisfy a number of conditions precedent associated with the purchase being of an existing company, inclusive of mineral rights. It is anticipated that binding contracts will be exchanged in the coming weeks and settlement will occur once all conditions precedents are met. Notably, while it is intended to undertake the purchase through the Company's 100% owned subsidiary, Ebony Iron Pty Ltd, the transaction will still need to be cleared by the Australian Foreign Investment Review Board. \n \nManagement and the Board consider the conditions precedents to be primarily administrative and have been working with the vendors, Resilience Mining Australia, to exchange and complete on the sale and purchase agreement as soon as possible. \n \n \nCommenting, John Peters, Managing Director of Strategic Minerals, said: \n \n\"Time taken to complete necessary legal due diligence and the impact of the Christmas period have combined to delay the exchange of contracts for the acquisition of Leigh Creek Copper Mine. We have no concerns about completing the transaction but want to ensure that all procedures are completed properly to reduce risk to the Company.\"\n \n \nFor further information, please contact:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStrategic Minerals plc\n\n\n+61 (0) 414 727 965\n\n\n\n\nJohn Peters\n\n\n\n\n\n\n\nManaging Director\n\n\n\n\n\n\n\nwww.strategicminerals.net\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFollow Strategic Minerals on:\n\n\n\n\n\n\n\nVox Markets:\n\n\nhttps://ww...