Stratmin draws down on loan from shareholder

(MENAFN- ProactiveInvestors - UK) Graphite firm Stratmin Global (LON:STGR) says it has so far drawn down around 24000 of a loan facility to provide short term working capital.

Consolidated Resources has provided the unsecured facility of up to A$200000 (around 98000) to Graphmada Mauritius - the group's 93.5% subsidiary.

The loan does not carry interest and is repayable at the earlier of either the completion of the previously announced transaction with Bass Metals.. or June 30 this year.

Bass has already agreed to pay 2mln for a 25% stake in the subsidiary and has an additional option to take a further 15%.

It currently owns 6.5% of Graphmada Mauritius the subsidiary that owns the Loharano mine in Madagascar.

Consolidated Resources is interested in around 11% of Stratmin capital and is represented on the board by David Premraj.