TIDMSTHP
RNS Number : 5824D
Stranger Holdings PLC
22 June 2023
Stranger Holdings Plc
('Stranger' or the 'Company')
GBP3.5 Million Strategic Investment Underwrites Re-Listing
Stranger Holdings Plc (LSE: STHP) is pleased to confirm that it
has secured committed equity funding of GBP3.5 million from Q
Global Commodities Group ('QGC'), one of South Africa's leading
independent commodity, mining, logistics and investment funds.
The GBP3.5 million of equity funding was the minimum required to
complete the reverse-take-over ('RTO') of the Company by Mayflower
Energy Metals Ltd ('MEML') and its acquisition of the advanced
Henkries Uranium Project ('Henkries' or 'the Project') located in
the Northern Cape in South Africa.
With this funding now secured, the final steps in obtaining
approval of the Prospectus relating to the transaction is underway
with the FCA and re-admission to the London Stock Exchange is
likely to now take place in early Q3 2023 under the Company's new
name, Neo Energy Metals (ticker: NEO).
Highlights
-- QGC, through Dubai based AUO Commercial Brokerage LLC
('AUO'), has executed a share subscription agreement and committed
GBP3.5 million of pre-RTO equity funding to the Company
-- The funding meets the minimum required by the Company to
complete the RTO transaction of MEML and the acquisition of the
high-grade and advanced Henkries Uranium Project
-- Funding allows the Company to now finalise the Prospectus for
the RTO transaction and seek re-admission of its shares to trading
on the Standard List of the London Stock Exchange
-- QGC, with this major investment in the Company, will become
the single largest shareholder in the Company with an approximate
29% interest on completion of the RTO transaction
-- Mr Quinton van der Burgh, CEO of QGC and one of South
Africa's leading mining entrepreneurs, will join the Board of
Directors of the Company on completion of the RTO transaction
-- Given the strong level of interest in the acquisition of
Henkries and RTO transaction with MEML, the Company has agreed to
raise up to a further GBP1.5 million of equity funding through its
UK based broker and advisors in the UK and Kenya
-- The GBP3.5 million of funds committed by QGC and additional
GBP1.5 million of funding will be used by the Company to complete
an updated Feasibility Study on Henkries and accelerate the planned
development of a new uranium mine
QGC Investment Underwrites RTO Transaction and Re-Admission
QGC has an exemplary record in South Africa's mining sector and
a firm commitment to advancing green technologies and renewable
energies, by the ethical, sustainable, and responsible mining of
critical metals. The GBP3.5 million committed equity investment in
the Company to support the development of Henkries is QGC's first
investment in the uranium sector and builds on its significant
position in South Africa's energy sector.
The GBP3.5 million investment by QGC ensures the Company has
sufficient working capital to complete its planned expansion
resource drilling at Henkries and additional mining and
metallurgical technical work required to update the previously
completed positive Feasibility Study completed by Anglo American
and to allow an accelerated development timetable and decision to
mine.
With this funding secured from QGC, the Company has elected to
raise up to a further GBP1.5 million through its UK broker and
through clients of East Africa based mining investment group
Gathoni Muchai Investments Limited ('GMI').
Together this aggregate GBP5 million of equity funding will
allow the Company to accelerate its development and production
plans at Henkries and target the acquisition of other complementary
and strategic uranium projects in Africa.
Board of Directors With Capability to Deliver Value
Mr Quinton van der Burgh will join the Board of Directors on
completion of the RTO and the re-admission of the Company's shares
to trading on the Standard List of the London Stock Exchange. Mr
Quinton is the CEO and founder of QGC and has almost 20 years of
mining experience and has developed over 47 projects to mining
stage, including two large-scale mining companies.
Mr van der Burgh will work alongside Mr Jason Brewer, Mr Sean
Heathcote, Mr Bongani Raziya, Ms Jackline Muchai and current
directors Mr James Longley and Mr Charles Tatnall in advancing the
Company's uranium development and production strategy at both
Henkries and throughout Southern and East Africa.
Quinton van der Burgh, Q Global Commodities CEO said: "We are
excited to commit to this significant equity investment into
Stranger - to be renamed Neo Energy Metals - and to strike up this
partnership with what will be London's most advanced uranium
development company.
"With this strategic GBP3.5 million investment, we are
reaffirming our dedication to exploring and developing uranium
reserves in South Africa and in continuing to expand QGC's critical
metals and green technologies portfolio.
"My team has completed a thorough technical analyses and review
and we are confident in the promising prospects of Henkries. We are
particular confident in the outlook for the uranium sector and
believe that Henkries is well placed to deliver into that market in
the short term.
"Our intention is to support the Board in achieving its growth
objectives and initiating both off-site and on-site operations. I
look forward to joining the Board of Directors on the re-listing of
the Company on the London Stock Exchange, and to collectively grow
this company and generate substantial value within the metals and
uranium industry in South Africa."
* * ENDS * *
For further information visit www.strangerholdingsplc.co.uk or
contact the following:
Stranger Holdings plc James Longley info@strangerholdingsplc.com
St Brides Partners Financial PR stranger@stbridespartners.co.uk
Ltd
Gathoni Muchai Investments Faith Kinyanjui Mumbi info@gathonimuchaiinvstments.com
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June 22, 2023 03:40 ET (07:40 GMT)
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