StratMin Global Resources Plc has not received a conditionally secured £5 million subscription from Axel Management Group Pty. Ltd. for subscribing to 206.70 million common shares, the company said Aug. 2.
Citing exchange control approvals as causing delays to payment, Axel said it cannot confirm specific timing for the subscription to be completed.
StratMin Global requires the funds to complete a previously announced reverse takeover of Signature Gold Ltd. and, therefore, has commenced talks with other potential investors.
Meanwhile, StratMin's admission of its common shares to trading on the AIM will be canceled, effective Aug. 3, as the company failed to published an AIM admission document and secure shareholder approval within six months of suspension from trading.
The company noted that it intends to seek admission to the AIM after completing the acquisition of Signature Gold.