REG - Strategic Minerals - Executive Management Changes

Strategic MineralsAnnouncement

15/11/2024 07:00

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RNS Number : 3340M  Strategic Minerals PLC  15 November 2024

 

 

15 November 2024

 

Strategic Minerals plc

("Strategic Minerals" or the "Company")

 

Executive Management Changes

 

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), announces the retirement of
Managing Director, John Peters, with effect from today's date, when he will
also leave the Company's Board.  Mr Peters will remain as a consultant to the
Company for a period of six months to ensure an orderly transition.

Mark Burnett, previously a Non-Executive Director, has been appointed as an
Executive Director of the Company with immediate effect, while the Board
searches for a permanent CEO to lead the Company through the next stage of its
development.

"On behalf of the Board of Directors, I want to thank John for his long
service to the Company, in particular his achievements in managing a difficult
period of cash flow in 2023" said Charles Manners, Chairman of the Company.

Commenting, John Peters said: "Following the turnaround at the Company's Cobre
operation in 2024, the business is now in a much stronger financial position.
 As the Company's focus is now expected to be on the development of the
planned Redmoor Tungsten and Tin mine, and given my age, I considered this an
appropriate time to step down as Managing Director.  I firmly believe the
Company has a bright future and will remain a supportive shareholder and I do
not currently intend to sell my shares in Strategic Minerals."

 

Clarification regarding prior loan agreements

The Company wishes to make certain clarifications regarding the loan
arrangements that were disclosed in its announcement dated 8 February 2024
(the "Announcement").  The Announcement refers to two loans each of
AUD$50,000 (approximately £25,000) entered into with a third party (the
"Lender").  The first loan, (the "First Loan") was entered into on 6 October
2023 for a term of 12 months with interest being charged at 12% per annum.
The grant of 10,000,000 warrants to the Lender over new ordinary shares in the
Company at an exercise price of 0.5p per share disclosed in the Announcement
relates to the First Loan only.

The second loan of AUD$50,000, (the "Second Loan") also notified in the
Announcement was entered into on 6 February 2024 for a term of three months
with an interest rate of 48% per annum.  Due to cash flow pressures, this
Second Loan was subsequently extended for a period of one month.  The Second
Loan also included an interest kicker, whereby the Company would have had to
pay the Lender an additional fee relating to the increase in the value of
another share listed on the ASX, however this additional clause was not
triggered.  No warrants were attached to the Second Loan.

As previously announced, both the First Loan and Second Loan have now been
repaid in full to the Lender, including all applicable interest of
AUD$14,000.

 

 For further information, please contact:

 Strategic Minerals plc                                   +44 207 389 7067
 Mark Burnett
 Executive Director
 Website:               www.strategicminerals.net (http://www.strategicminerals.net)
 Email:                 info@strategicminerals.net (mailto:info@strategicminerals.net)

 Follow Strategic Minerals on:
 Vox Markets:           https://www.voxmarkets.co.uk/company/SML/
                        (https://www.voxmarkets.co.uk/company/SML/)
 Twitter:               @SML_Minerals (https://twitter.com/SML_Minerals)
 LinkedIn:              https://www.linkedin.com/company/strategic-minerals-plc
                        (https://www.linkedin.com/company/strategic-minerals-plc)

 SP Angel Corporate Finance LLP                           +44 (0) 20 3470 0470
 Nominated Adviser and Broker
 Matthew Johnson
 Ewan Leggat
 Charlie Bouverat

 

 

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