StratMin looks into gold investments

30th Nov 2016 15:37

(ShareCast News) - StratMin Global Resources, graphite production and exploration company, has announced that it is currently looking into investment opportunities within the precious metals sector, particularly gold, as part of the condition it must meet for its recent AIM listing.The company became an AIM Rule 15 cash shell company following the completion of the divestment of its Graphmada subsidiary in September 2016.Under the AIM rules it is required to make an acquisition, which constitutes a reverse takeover, within six months of listing on AIM.The company has been focusing on reviewing investment opportunities in the precious metals sector as the board and management have experience in gold projects. The improvement in the gold price over the year has also provided significant opportunities in the sector according to the company.An agreement has been made with its joint venture partner Tirupati carbons and chemicals to open the syndication of their joint venture company, Tirupati Resources Mauritius (TRM), to new investors.The new investment will enable Tirupati to accelerate the development of the company's Vatomaina graphite development in Madagascar.In the interim the company's holding in Bass Metals has performed well with significant volumes traded of the last week up to AUD0.02.Chief executive Brett Boynton said: "The team is conscious of working to complete a suitable transaction in order to maintain the company's admission to trading on AIM. Nothing has been decided yet, but we can say that we are reviewing some very high quality opportunities. Opening the TMV project to new investment enables StratMin to focus on the RTO requirement and dedicate cash to that effort."The shares were down 9.93% at 1.35p at the close on Wednesday.