Strategic Minerals issues remaining shares for Leigh Creek acquisition

Battery minerals-focussed Strategic Minerals announced on Monday that it has arranged the issuance of the remaining 2,866,730 shares due to Resilience Mining Australia, for the acquisition of the Leigh Creek Copper Mine.

The AIM-traded firm said that under the share purchase agreement, which was signed on 5 March last year, it provided RMA shares in Strategic Minerals to the value of AUD 1.45m, based on the March 2018 volume-weighted average price and the relevant exchange rate as quoted by the Reserve Bank of Australia.

As per the share purchase agreement, and to provide warranties associated with the acquisition, shares representing AUD 0.1m of the total amount were not to be issued until the first anniversary of the signing of the contract, provided no warranty claim was made during the one year period.

The boards of SML and RMA agreed that the total number of SML shares to be issued was 41,567,630, of which 38,700,900 were issued in March last year, and the remaining 2,866,730 would be issued on 5 March this year, subject to no warranty claim having been made.

“Application has been made for admission of these 2,866,730 new ordinary shares to trading on AIM, and it is expected that admission will take place and that trading will commence on AIM at 0800 GMT on 6 March,” the Strategic Minerals board said in its statement.