https://www.engineeringnews.co.za

StratMin secures $1.5m loan

28th September 2016

By: Anine Kilian

Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim- and ASX-listed StratMin Global Resources has arranged a $1.5-million nonrecourse loan facility secured against the company's holding of 75-million ordinary shares of Bass Metals.

Working with a corporate investor that is an existing stakeholder in ASX-listed Bass, StratMin has agreed to assign security and voting rights over its entire Bass holding to the lender in return for the 12-month nonrecourse loan facility.

The loan will be repaid in some or all of the Bass shares, with no cash amounts payable. 
A further consideration of up to A$8-million in Bass ordinary shares is to be paid to StratMin subject to the Madagascar-based graphite project Graphmada meeting certain production milestones. 

The loan will be used to fund StratMin’s investment commitment to the Tirupati Resources Mauritius (TRM) joint venture and for general working capital.

TRM owns the Vatomaina project in Madagascar, a 12 000 t/y large-flake graphite project being developed by Tirupati Carbons and Chemicals.

"By working with existing Bass stakeholders and leveraging the value of the voting block held by the company, we were able to secure funding on terms well in excess of the open market value of the Bass shareholding,” says StratMin CEO Brett Boynton.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.061 0.108s - 156pq - 2rq
Subscribe Now