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Strategic Minerals to increase Redmoor project stake to 50%

Strategic Minerals Plc on Jan. 24 said it signed a shareholders agreement with New Age Exploration Ltd. and Cornwall Resources Ltd. to increase its interest in the Redmoor tin-tungsten project in the U.K. to 50%, in accordance with a joint venture agreement signed in May 2016.

The joint venture deal between Strategic Minerals and New Age Exploration gave the former the option to acquire up to a 50% stake in Redmoor and Cornwall Resources, the joint venture vehicle operating the project, for over A$2.1 million.

Strategic Minerals will formally exercise its option to take up a further 248,864 shares in Cornwall Resources at £3.39 per share on Jan. 31, and once the shares are issued, Strategic Minerals and New Age Exploration will each own 309,838 shares in Cornwall Resources, representing a 50% stake for each company.

Cornwall Resources will receive over £800,000 from the transaction and will use the proceeds to fund the two-phase drill program at Redmoor this year, which aims to increase the project's current inferred resource of 2.3 million tonnes and to help provide information in preparation for a mine plan.