Strategic Minerals* (#SML LN) 0.45p, Mkt Cap £7.8m – Debt free after repaying NAE
Strategic Minerals reported yesterday that it has repaid A$1.8m plus accrued interest of approximately A$22,500 to redeem loans due to New Age Exploration.
Redemption of the loan leave Strategic Minerals debt-free.
Commenting on the repayment, Managing Director, John Peters, said that ʺThe repayment of the NAE loan removes overhang issues for the Company and places it in a comfortable position from which to pursue potential joint venture partners for the commencement of production at its Leigh Creek Copper Mine project and to progress the Redmoor Project."
Conclusion: Strategic Minerals has cleaned up its balance sheet and is now debt free as it moves forward to becoming fully operational at Leigh Creek by the end of 2020.
*SP Angel acts as Nomad and Broker to Strategic Minerals