Stratmin Global Resources raises funds to increase production rate

12th Mar 2014 13:02

Stratmin, an AIM-listed graphite production and exploration company, has placed 27.78m shares at 9p each to raise funds for the expansion of its current production rate and to more generally accelerate its growth strategy to a position of positive net cash flow.The placing is expected to raise gross proceeds of £2.5m.The announcement came as the group unveiled the appointment of Manoli Yannaghas as its new Managing Director and Laurie Hunter as Non-Executive Chairman.Yannaghas said: "I am delighted to announce funds have been raised to enable Stratmin to expand and accelerate our growth strategy. "With this financing in place and the appointment of our new Chairman and advisors, I feel that we have the team in place which can take Stratmin through the next stage of its development and deliver shareholder value."The placing of 20.78m of the shares was conditional on shareholder approval. NR