Stratum Metals scoops substantial holder one month after listing

Stratum Metals (ASX: SXT) has received a vote of confidence from Elinora Investments, which has taken up a substantial holding in the company.

Elinora and its associated entity Chifley Portfolios have spent a combined $451,000 to purchase 2.35 million shares in Stratum.

Elinora owns the bulk of the shares, holding 2.15 million. The purchase gives Elinora a total holding of 5.72% in Stratum.

The move is a boon for Stratum Metals, which listed on the Australian Securities Exchange last month, following a successful $4 million IPO.

Last week the company acquired two prospective thermal coal tenements in Western Australia’s Canning Basin, adjacent to its existing holdings.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22799/stratum-metals-scoops-substantial-holder-one-month-after-listing-22799.html