Strandline Resources has announced that a number of its major shareholders, including three institutional investors and one director, have elected to exercise options in the company.
Further to its announcement of 28 March 2018, Strandline Resources announced that its cornerstone shareholder, Tembo Capital, has increased its equity position in the company following the recent early exercise of its 30 June 2018 options.
As a result, Tembo Capital’s holding in Strandline Resources will increase to 35.07%, up from 32.07%.
Tembo Capital is one of several major shareholders who elected to exercise their options early, with the increase in their holding representing a strong vote of confidence in the company’s strategy and outlook.
Shareholders exercise options early
The previous announcement stated that Tembo Capital, Westoria Resource Investments, Artemis Corporate and non-executive director Tom Eadie have all participated in the early exercise of the options, which were not due to expire until 30 June, 2018.
As a result, Strandline Resources received funds for and commitments to exercise, a significant number of its 12 cent options worth A$2.02 million.
Strandline Resources chief executive Luke Graham said the early conversion of the options was a significant vote of confidence in the company.
“To have the company’s major shareholders take this decision is a strong vote of confidence in the outlook for our mineral sands projects,” Graham said.
“Over the past year we have established that each of our key projects has a bright future and will be progressing in what is an increasingly strong mineral sands market.
“We would like to thank these shareholders for their continued support,” he noted.
Mineral sands developer
Strandline Resources is an emerging heavy mineral sands (HMS) developer with a growing portfolio of 100%-owned development assets located in Western Australia and within the world’s major zircon and titanium producing corridor in South East Africa.
Strandline’s strategy is to develop and operate quality,high margin, expandable mining assets with market differentiation and global relevance.
Strandline’s project portfolio comprises development optionality, geographic diversity and scalability.
This includes two zircon-rich, ‘development ready’ projects, the Fungoni project in Tanzania and the large Coburn project in Western Australia, as well as a series of titanium dominated exploration targets spread along the highly prospective Tanzanian coastline, including the advanced Tanga South (Tajiri), Bagamoyo and Sudi projects.