Stratex International PLC Goldstone £1 million Financing and Director Change (5165F)

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.

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For further information please visit www.stratexinternational.com, email [e-mail], or contact:

 
 Stratex International           Tel: [phone] 
  Plc 
 Bob Foster / Christopher Hall / Claire Bay 
 Grant Thornton UK LLP           Tel: [phone] 
 Philip Secrett / Jen Clarke / Daniel Bush 
 Hannam & Partners               Tel: [phone] 
 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

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July 28, 2016 05:01 ET (09:01 GMT)