RNS19 Apr 2016 08:07
Thani Stratex Raises US$2 million
Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals East Africa, West Africa and Turkey where it holds a 45% interest in a producing gold mine, is pleased to announce that Thani Stratex Resources Limited ("Thani Stratex" or "TSRL"), in which the Company has a significant interest, has raised US$2 million of new funding by way of a Subscription Agreement (the "Agreement") with Resource Capital Fund VI L.P. (''RCF''), giving RCF a holding of 15.2% of TSRL. As a result of the fund raising, Stratex's holding in TSRL has been diluted from 38.4% to 32.4%.
Christopher Hall, Stratex Chairman and Stratex representative on the TSRL Board commented: "We are pleased that Thani Stratex has now underpinned its future with this new equity financing from RCF which clearly represents a strong vote of confidence in the company, its management and its prospects. Following shortly after the joint-venture funding for drilling in Djibouti, the RCF funds will permit an acceleration of TSRL's efforts in Egypt as well as contributing to funding corporate overheads. We look forward to future news flow from both the Rift Valley and older terrane targets."