Bass transaction update StratMin Global Resources, London's only...

Bass transaction update

StratMin Global Resources, London's only listed graphite production and exploration company, notes the release of today's announcement by funding partner, Bass Metals Ltd (ASX:BSM)
Please follow a link below to the Bass announcement:

http://www.rns-pdf.londonstockexchange.com/rns/0999G_-2015-11-18.pdf

Bass has informed Stratmin that they will complete the remaining payments for the first tranche of the transaction announced on 2 September 2015 as soon as possible and no later than 31 December 2015. Following negotiation, the second tranche, totalling £1,500,000 will be deferred until the first quarter of 2016 to allow for funding from the announced settlement to be maximised.

Brett Boynton, CEO, commented:

"This is an outstanding development for Bass and StratMin. With zero dilution for shareholders, Bass has substantially funded their 25% farm in to Graphmada.

"We have worked closely with the Bass team over the last few months to bring in the minimum funding required and give them time to achieve this settlement. They are now positioned to complete the initial tranche of our deal and further capitalise their company to fund the expansion of our graphite production through their investment in Graphmada.

"The Australian market reacted positively to the news with Bass trading up over 25% during the day.

"Getting to this outcome required patience, but the time has been well used with the StratMin ground team making significant headway on the refurbishment programme at the plant. Twenty-four hour production is continuing. We have been extremely busy on site and will shortly be able to share updates on both production advances and interim results from the exploration program.

We are looking forward to a strong run to the year end and an exciting year ahead."