Stratex International PLC Sale of interest in Altintepe Gold Mine (1164D)
24 April 2017 - 7:48PM
UK Regulatory
TIDMSTI
RNS Number : 1164D
Stratex International PLC
24 April 2017
Stratex International Plc / Inidex: AIM / Epic: STI / Sector:
Mining
Stratex International Plc
('Stratex' or 'the Company')
Sale of interest in Altıntepe Gold Mine
Stratex International Plc, the AIM quoted gold focused
exploration and development company in Turkey and Africa, is
pleased to announce that it has completed the disposal of its 45%
interest in the Altıntepe Gold Mine ("Altıntepe") in Turkey to its
joint venture partners for an aggregate cash receipt of US$8
million (the "Transaction").
Transaction highlights
-- The Stratex Group has received an aggregate amount of US$8
million in cash, net of any taxes and costs, as consideration for
the sale and settlement of liabilities;
-- The Board considers the Transaction to be highly accretive
and fully reflects the inherent value of the Group's investment in
Altıntepe;
-- Following completion of the Transaction, the Altıntepe joint venture has terminated.
Stratex's wholly owned subsidiary, Stratex Gold A.G., has on
23(rd) April 2017 entered into a share sale agreement with
Stratex's joint venture partners, pursuant to which it has sold its
45% interest in Altıntepe Madencilik Sanayi ve Ticaret AS, the
holding company for the Altıntepe Gold Mine.
Stratex will apply the proceeds to further its stated corporate
objective of growth through the acquisition of value enhancing gold
assets and investment in high value exploration and development
projects.
As at 31 December 2015, Stratex's carrying value of the
Altıntepe joint venture was GBP17,821 and Stratex's share of losses
for the year to 31 December 2015 was GBP158,474.
Commenting on the transaction, Stratex's Chief Executive
Officer, Marcus Engelbrecht, said: "This successful transaction
marks another positive step in the evolution of Stratex as we
pursue our vision of becoming a significant production, development
and exploration company. Whilst the Altınepe Gold Mine has played
an important role in the historic growth of the Company, the funds
released from this sale place Stratex in a strong position with
respect to its advancing discussions with other companies with
regard to near or in production assets. Furthermore, it will enable
us to advance those of our exploration projects which we believe
have the potential to unlock future value for our
shareholders."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* * ENDS * *
For further information please visit
www.stratexinternational.com, email info@stratexplc.com, or
contact:
Stratex International Tel: +44 (0)20 7830 9650
Plc
Marcus Engelbrecht / Claire Bay
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Philip Secrett / Samantha Harrison / Daniel Bush
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore/ Andrew
Chubb
Camarco Tel: +44 (0)20 3757 4980
Gordon Poole / Nick Hennis
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 owns 15% of a copper-gold
project at feasibility stage and an exciting exploration project in
Senegal. The Company also has significant interests in Goldstone
Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for
their exploration projects in Ghana, Djibouti and Egypt, and
Tanzania respectively.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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