StratMin secures $1.5m loan
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation