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Raised GBP1.3 Million

27 Jan 2010 15:30

RNS Number : 2223G
Stratex International PLC
27 January 2010
ย 

๏ปฟ

Stratex International Plc / Index:ย AIMย / Epic:ย STIย / Sector: Mining

27ย January 2010

Stratex International Plc ('Stratex' or 'the Company')

Issue of Sharesย - Raisedย ยฃ1.3ย millionย 

Stratex International Plc, theย AIM-quoted exploration and development (E&D) company, currently developing gold resources towards production, and exploring for world-class gold and base metal deposits inย Turkeyย andย Ethiopia,ย hasย conditionallyย raisedย approximately ยฃ1.3ย millionย through a placingย ofย 37,229,443ย new ordinary shares of 1 penny eachย in the Company at a price ofย 3.5ย pence perย ordinary share ('theย Placing'),ย by its brokerย Westhouse Securities Limited. The funds raised will be used to accelerate the development of itsย Ethiopianย portfolio of goldย assets, identifyย additional exploration opportunities inย Ethiopiaย and acquire furtherย gold and base metal assets throughoutย Africa.

Stratex International'sย CEO Bob Fosterย said, "Naturally we are delightedย to have completed this placing whichย will help support the next stage of our growth strategy. This includesย fast-trackingย our Ethiopian gold projects,ย Shehagneย and Megenta,ย to define a maiden resource and economic potential respectively,ย as well asย identifyingย additional exploration and development opportunities inย Ethiopiaย andย acquiring new projectsย throughoutย Africaย to bolster Stratex's position as a significant gold exploration company.

"2010 is set to beย an excitingย yearย for the Company, as weย widen our exploration activities inย Africa andย continue to advance our gold discoveries inย Turkeyย towards production. I believeย that with theseย foundationsย in place, Stratex will experienceย solid growthย during the year,ย whichย will in turn further strengthen our already strong investment case."

Background to the Placing

Stratex's proven strategy is to discover and develop new projects by focussed,ย low-cost exploration, thus adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company. In this respect it now has four key associations inย Turkeyย and inย Ethiopiaย withย aย potential overall investment ofย US$15.5 millionย by partners for exploration andย development initiatives:ย 

A partnership with NTF, a technically capable and well-financed Turkish company,ย with whom Stratex has a signed memorandum of understanding, to rapidly develop the 542,318 oz oxide resources present at the Altฤฑntepe and Inlice projects in Turkeyย into production.

An option/joint venture agreement with Centerra Gold Inc. to explore and develop the ร–ksรผt project, aย newย high-sulphidationย gold discovery located inย Central Anatolia inย Turkeyย with added potential for porphyry copper-goldย mineralisation.

Anย option/joint venture agreement with Teck Resources of Canada, a major shareholder in Stratex, over the Hasancelebi project, aย high-sulphidationย gold project in centralย Turkey.

Anย option/joint venture withย PLUS-quoted exploration companyย Sheba Exploration (UK) plcย ('Sheba')ย to earn-in to an initial 60% of the prospectiveย 35ย sq km Shehagne gold project inย Ethiopiaย and explore targets in northernย Ethiopiaย on a 70:30 joint venture basis. It also holds aย 5.45% shareholding inย Sheba.

Use of Proceeds

Whilst a number ofย Stratex'sย projects are currently funded by its joint venture partners, the Placing will enable the Company to accelerate the development of its projects whilst looking to add to its portfolio. The net proceeds of the Placing will,ย amongst others,ย fast-track current exploration initiatives inย northernย Ethiopiaย includingย aย provisionalย 3,000mย drilling programme to define maiden resourceย at the Shehagne gold project; aย provisionalย 2,000m reconnaissance drillingย to define economic potentialย Magenta gold discovery; andย to further developย Sheba's generative portfolio of prospective targetsย underย itsย 70:30 JV agreementย in Ethiopia. Additionally,ย funds will be utilised to identifyย additional exploration and development opportunities inย Ethiopiaย and acquire furtherย gold and base metal assets throughoutย Africaย to bolster Stratex'sย portfolioย as a significant goldย and base metalsย explorationย and developmentย company.

The Placing

The Company, through its broker Westhouse Securities Limited, has received commitments to subscribe forย 37,229,443ย new ordinary shares atย 3.5p per share, raising ยฃ1.3ย millionย (before expenses).ย ย The Placing isย inter aliaย conditional on admission of the Placing Shares to trading onย AIMย ('Admission'). It is expected that Admission will occur, and dealings in the Placing Shares will commence, onย 3ย Februaryย 2010.ย 

Following completion of the Placing, the Placing Shares will represent approximatelyย 13%ย of the enlarged issued share capital of the Company, which will then compriseย 286,776,366ย ordinary sharesย of 1 penny each.ย 

The Placing Shares will, when issued, rankย pari passuย in all respects with the existing issued shares ofย Stratex, including the right to receive any dividends and other distributions declared following Admission.

Changes to notifiable holdings

Bob Foster, Perry Ashwood, Christopher Hallย andย Peter Addison,ย who are each directors of the Company,ย are subscribing for new Shares in the Placing. On completion of theย Placingย the following changes will occur toย theirย shareholdings:ย 

Previous Shares

New Shares

Total Shares

Percentage of Company's Enlarged Issued Share Capital

Bob Foster

6,974,134

57,143

7,031,277

2.45%

Perry Ashwood

1,477,342

57,143

1,534,485

0.54%

Christopher Hall

50,000

57,143

107,143

0.04%

Peter Addison

0

142,857

142,857

0.05%

* * ENDS * *

For further information visitย www.stratexinternational.comย or contact:

David Hall / Bob Foster

Stratex International Plc

Tel: +44 (0)20 7830 9650

Tim Metcalfe /ย 

Martin Davisonย 

Westhouse Securities

Tel: +44 (0) 20 7601 6100

Felicity Edwards /ย Isabel Crossley

St Brides Media & Finance

Tel: +44 (0) 20 7236 1177

Notes to editors:

Stratex International Plc is an AIM-quoted exploration and development company currently focussing on gold and base metal opportunities inย Turkeyย andย Ethiopia. Inย Turkey, the Company's total resources stand at circa 1 million oz of gold (combined oxide and sulphide gold) and approximately 3.2 million oz of silver.

Stratex's proven strategy is to discover and develop new projects by focussed low-cost exploration, thus adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company. In this respect it now has four key associations:

A partnership with NTF, a technically capable and well-financed Turkish company, to rapidly develop the 542,318 oz oxide resources present at the Altฤฑntepe and Inlice projects inย Turkey.

An option/joint venture agreement with Centerra Gold Inc. to explore and develop the ร–ksรผt project, aย high-sulphidationย gold discovery located inย Central Anatolia inย Turkey.ย 

An option /ย joint venture agreement with Teck Resources of Canada, a major shareholder in Stratex, over the Hasancelebi project, aย high-sulphidationย gold project in centralย Turkey.

An option /ย joint venture withย PLUS-quoted exploration companyย Sheba Exploration (UK) plc to earn-in to an initial 60% of the prospective 50 sq km Shehagne gold project inย Ethiopiaย and explore targets in northernย Ethiopiaย on a 70:30 joint venture basis. It also holds aย 5.45% shareholding in Sheba Exploration (UK) plc.

This information is provided by RNS
The company news service from the London Stock Exchange
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END
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