Cornwall Resources Ltd’s parent company has raised £1 million via a 25% discounted placing of 333,333,333 new ordinary shares to certain investors at a price of 0.3 pence per share.
TUNGSTEN
Strategic Minerals plc said that proceeds of the oversubscribed placing would be mainly used to progress the Redmoor tungsten-tin-copper project in Cornwall and for working capital.
Following a general meeting and admission, Strategic Minerals’ total number of ordinary shares in the capital of the company in issue will be 2,349,297,949 with voting rights.
The fundraise supports the £764,000 government grant awarded to Cornwall Resources earlier this month.