Strategic Minerals PLC moved to secure 100% control over the Redmoor tin-tungsten project in Cornwall, U.K.

The company agreed to acquire New Age Exploration Ltd.'s entire 50% shareholding in Cornwall Resources Ltd., the joint venture vehicle developing Redmoor, for £2.7 million.

The purchase price comprises £1.1 million cash, a £540,000 promissory note, and a 1.5% royalty stream of net smelter revenue from Redmoor production capped at £1.1 million.

Strategic Minerals said March 18 that it is looking for nondilutive funding alternatives with a select group of potential investors to finance the deal.