Strategic Minerals' £4.2 mln placing receives strong institutional backing
Strategic Minerals (LON:SML) has completed a £4.2mln share placing with institutional investors.
The fundraiser was priced at 4.5 pence, which represents a modest discount to the 60-day average share price of 4.86 pence.
The funds will provide working capital for company's magnetite tailings deposit at the Cobre Mine in New Mexico, which is now in full-scale production.
The plan is to export to 50,000 dry metric tonnes per month and currently 53,000 tonnes are being loaded at the port of Guaymas in Mexico.
Chief executive Paul Harrison said: "We are delighted to announce this successful placing and in particular the interest shown by new institutional investors participating in this financing.
"The funding will be used primarily to meet the working capital needs of our operations at the Cobre mine in New Mexico including inside mine gate costs, rail freight to port and all port costs at Guaymas.
"This funding will ensure that monthly export shipments can proceed uninterrupted and leaves the company fully financed for all of its current operations."
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