Stratex International PLC Notice of General Meeting & Company Update (9432X)

TIDMSTI

RNS Number : 9432X

Stratex International PLC

16 August 2018

Stratex International Plc

("Stratex", "Company" or the "Group")

Proposed Corporate Rebranding, Change of Directors

and

Notice of General Meeting

Stratex International Plc, the AIM-quoted gold exploration and development company, announces that it is proposing to change the name of the Company to "Oriole Resources PLC". The proposed change reflects a repositioning of the Company following the appointment of new executive directors, Tim Livesey (CEO) and Bob Smeeton (CFO) earlier this year and a refocusing of the Group's activities on early-stage exploration and joint-venture partnerships in Africa and Europe. The change of name is subject to approval of the shareholders and a notice of meeting is being posted to shareholders today.

The Company is also pleased to announce the upcoming appointment of John McGloin as non-executive Chairman and David Pelham as non-executive director, both appointments to be effective on 3 September 2018. In conjunction with the appointment of John and David, Peter Addison and Chris Worcester will be standing down from the board on 3 September 2018.

John and David will join Tim and Bob in representing the Company as its board at the General Meeting to be held next month to approve the change of name.

Tim Livesey, CEO of Stratex, said: "Since the termination of the Crusader acquisition last year, the Company has worked hard to reposition itself in the market and we believe we have made great strides in re-aligning ourselves with our shareholders. The change in our non-executive directors and proposed rebrand mark the final stages of this transition, highlighting that we have, over the past 8 months, transformed into a very different company, whilst at the same time maintaining and enhancing our technical credentials. We would like to thank Chris, and in particular Peter, for their dedication to the Group over the past 2 years and decade respectively, and wish them all the best for the future.

John has been in the mining industry for almost 30 years, working predominantly in Africa and most recently as CEO of Amara Mining, a company he sold for US$85 million. David has over 35 years' experience as a mineral geologist in early-stage exploration, and currently sits on the Board of Cora Gold, as well as having recently sat on the Board of Hummingbird Resources.

Moving forward, John and David will both commence office on the day of the General Meeting and so we look forward to introducing them to any shareholders that are able to join us."

Further Details of the General Meeting

A notice convening a general meeting to be held at 10am on 4 September 2018 ("General Meeting") is today being posted to Shareholders. At the General Meeting, shareholder approval will be sought for a change in the Company's name to Oriole Resources PLC. The General Meeting will be held at the offices Grant Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU. The Circular is available on the Company's website at http://www.stratexinternational.com.

The current directors consider the name change to be in the best interests of the Company and its shareholders as a whole and accordingly recommend that shareholders vote in favour of the resolution to be propose at the General Meeting as they intend to do in respect of their own holdings representing in aggregate approximately 0.99% of the current issued share capital.

Expected Timetable of Principal Events

 
 Latest time and date for receipt         10.00am on 31 August 2018 
  of Forms of Proxy for the General 
  Meeting 
 Time and date of the General Meeting     10.00am on 4 September 
                                           2018 
 Name change effective and dealings       5 September 2018 
  effective 
 

Subject to shareholder approval of the change of name at the general meeting, the Company's ticker will be changed to 'ORR'. The Company's ISIN number will remain unchanged.

Further information on John Francis Gerald McGloin (Age 53)

John McGloin is a geologist and graduate of Camborne School of Mines. John worked for many years in Africa within the mining industry before moving into consultancy. He joined Arbuthnot Banking Group following four years at Evolution Securities as their mining analyst. He is also the former Head of Mining at Collins Stewart.

More recently, John served as the Chairman and Chief Executive Officer of Amara Mining plc until 2016 and is currently a non-executive director to Caledonia Mining Corporation plc and to Perseus Mining Limited.

 
 Current directorships and partnerships   Past directorships and partnerships 
                                           in last 5 years 
 Perseus Mining Limited                   Amara Mining Limited 
  Caledonia Mining Corporation             Amara Mining (Burkina) Limited 
  plc                                      Amara Mining (Cote D'Ivoire) Limited 
                                           Amara Mining (Sierra Leone) Limited 
                                           Amara Mining Cote D'Ivoire SARL 
                                           Amara Mining Services Limited 
                                           Baomahun Gold Limited 
                                           Cluff Gold Sega SARL 
                                           Cluff Gold (SL) Limited 
                                           Cluff Mining Burkina SARL 
                                           Kalsaka Mining SA 
                                           Seguenega Mining SA 
                                           Winston Mining Limited 
                                           Yaoure Mining SA 
 

On 9 December 2014 Seguenega Mining SA, a Burkina Faso incorporated subsidiary of Amara Mining plc and a company of which John McGloin was a director, was placed into liquidation with debts of approximately US$20 million. The liquidation was completed in during 2016 and the company was formally dissolved.

On 14 February 2017 'Kalsaka Mining SA' a Burkina Faso incorporated subsidiary of Amara Mining Plc and a company of which John McGloin was a director was placed into liquidation with debts of approximately US$6.6 million.

Further information on David Almgren Pelham (Age 67)

David Pelham is a mineral geologist with over 35 years global exploration experience. He has overseen the discovery and early evaluation of multiple deposits, most notably including the +6 Moz Chirano Gold Mine in Ghana, as well as Hummingbird's 4.2 Moz Dugbe gold deposit in Liberia.

David has been a non-executive director to AIM-quoted Cora Gold Ltd since May 2017.

 
 
   Current directorships and partnerships     Past directorships and partnerships 
                                              in last 5 years 
 Cora Gold Limited                          Sierra Morena Exploration Ltd 
                                             Hummingbird Resources plc 
 

Neither John McGloin nor David Pelham hold any interests in the share capital of Stratex.

There is no further information required to be disclosed in respect of the above appointments pursuant to Rule 17 or Schedule 2 (g) of the AIM Rules for Companies.

** ENDS **

 
 Stratex International Plc                       Tel: [phone] 
 Tim Livesey / Bob Smeeton / Claire 
  Bay 
 
 Camarco (IR/PR Contact)                         Tel: [phone] / 020 
                                                 3781 3765 
 Gordon Poole / Nick Hennis / Monique 
  Perks 
 
 Grant Thornton UK LLP                           Tel: [phone] 
 Samantha Harrison / Ben Roberts / Samuel Rowe 
 Hannam & Partners                               Tel: [phone] 
 Neil Passmore / Andrew Chubb 
 Turner Pope Investments (TPI) Ltd               Tel: [phone] 
 Ben Turner / James Pope / Andy 
  Thacker 
 
 

Notes to Editors:

The Company is focused on early-stage gold exploration in Cameroon and more advanced exploration in Senegal, where IAMGOLD is earning up to a 70% interest in the Dalafin project. The Company is also reviewing greenfields exploration opportunities in the Tethyan belt in Europe. In Turkey, it owns 14.87% of a copper-gold project at feasibility stage in Turkey, which will likely default to a 1.2% (post-Turkish tax) royalty position during 2018, and is managing its royalty interests in a number of other projects. The Company also has interests in Thani Stratex Resources Ltd, Tembo Gold Corp. and Aforo Resources Limited for their exploration projects in Djibouti and Egypt, Tanzania and Burkina Faso respectively.

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END

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August 16, 2018 02:01 ET (06:01 GMT)