Stratex International PLC Goldstone £1 million Financing and Director Change (5165F)
28 July 2016 - 7:01PM
UK Regulatory
TIDMSTI
RNS Number : 5165F
Stratex International PLC
28 July 2016
Stratex International Plc / Index: AIM / Epic: STI / Sector:
Mining
Stratex International Plc
('Stratex' or 'the Company')
Goldstone Announces GBP1 million Financing and Director
Change
Stratex International Plc, the AIM-quoted exploration and
development company focused on gold and base metals in West Africa
and Turkey, where it holds a significant interest in a producing
gold mine, reports that Goldstone Resources Limited ("Goldstone";
AIM: GRL) has conditionally raised GBP1 million. Stratex has
maintained its 33.45% interest in Goldstone through a combination
of direct funding and settlement of a US$250,000 drawdown by
Goldstone from the short-term loan facility provided by the Company
(announcement dated 7(th) June 2016).
In addition to the loan settlement, Stratex has subscribed for
5,745,464 new ordinary shares ("Ordinary Shares") at a price of
2.5p each (the "Placing Price"). A warrant to subscribe for one new
Ordinary Share at a price of 5.0p per share, being a 100 per cent
premium to the Placing Price, will be attached to each new Ordinary
Share issued pursuant to the financing (the "Warrants"). The
Warrants will vest immediately on issue and are valid for 24 months
from the date of Admission. Stratex has undertaken that it will not
exercise the Warrants issued to it, if such exercise would result
in an obligation to make an offer under Rule 9 of the City Code on
Takeovers and Mergers.
Funds will primarily be used to advance Goldstone's principal
project, the 602,000 oz Homase-Akrokerri gold project in Ghana,
through the completion of up to 2,000 meters of RC (Reverse
Circulation) drilling.
Stratex Chairman Christopher Hall has also advised Goldstone
that, after almost two years, he will step down from the Goldstone
Board following conclusion of its AGM later today. Neil Gardyne,
Goldstone's Independent Non-Executive Director, will succeed
Christopher as Non-Executive Chairman.
The full text of the announcement by Goldstone can be found at
http://www.goldstoneresources.com/investors/news-releases.html.
* * ENDS * *
For further information please visit
www.stratexinternational.com, email info@stratexplc.com, or
contact:
Stratex International Tel: +44 (0)20 7830 9650
Plc
Bob Foster / Christopher Hall / Claire Bay
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Philip Secrett / Jen Clarke / Daniel Bush
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore
Notes to Editors:
Since listing in 2006, Stratex has discovered more than 2.2
million ounces of gold and 7.09 million ounces of silver, as well
as 186,000 tonnes of copper. The Company achieved first gold pour
at its 45%-owned Altıntepe gold mine in Turkey in November 2015 and
recently sold its 1% Net Smelter Returns royalty in the Öksüt gold
project for US$4.5 million. It also owns 30% of a copper-gold
project at feasibility stage. With its current cash position,
projected cash returns and no debt, the Company is well-placed to
advance its existing exploration programmes and is also actively
seeking to acquire advanced projects that are at the drill-ready
stage or even have identified resources.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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