Oriole Regulatory News (ORR)

Stratex International Plc

('Stratex' or 'the Company')

Result of the Placing andAppointment of Turner Pope as Joint Broker

Stratex, the AIM-quoted gold-focused exploration and development company in Turkey and Africa is pleased to announce that, further to the announcement released by the Company dated 12 June 2018 (the 'Placing Announcement'), it has successfully raised £1.15 million before expenses and will apply for the Placing Shares to be admitted to AIM with admission expected to take place at 8.00 a.m. on or around 19 June 2018.

Tim Livesey, CEO of Stratex, commented:

"We are delighted to have secured this financing, quickly and efficiently, in what are tight market conditions for exploration companies. We have a focussed and defined plan to use the funds to expand and advance our footprint in West Africa, in particular the initial earn-in to the two early-stage gold exploration projects in Cameroon, under the recently executed option agreement with BEIG3 that represents a highly exciting opportunity for the Company. We look forward to further developing this under-explored region of Cameroon and to working towards generating some early drill targets over existing gold anomalies in what is a relatively new prospective belt." 

DEFINITIONS

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Placing Announcement.

Result of the Placing

Pursuant to the Placing Announcement, the Company has raised funds of £1.15m before expenses (the 'Proceeds') through a placing of 224,500,000 new Ordinary Shares ('Placing Shares') and a subscription of 5,500,000 new Ordinary Shares ('Subscription Shares'), for a total of 230,000,000 New Ordinary Shares representing approximately 32.8 per cent of the issued share capital of the Company as enlarged by the Placing, at a price of 0.5 pence per share (the 'Placing Price').

For conducting the Placing, the Company will also issue 4,490,000 Ordinary Shares at the Placing Price to Turner Pope Investments (TPI) Ltd ('Turner Pope'), ('Commissioned Shares') and 13,470,000 warrants for new Ordinary Shares exercisable at the Placing Price ('Broker Warrants'). The Broker Warrants will be exercisable at any time in the three years after issue. No application will be made for the Broker Warrants to be admitted to trading on AIM.

Application will be made for 234,490,000 new Ordinary Shares to be admitted to trading on AIM which is expected to occur on or around 19 June 2018. Following Admission, the total number of Stratex Ordinary Shares in issue will be 701,801,276 with voting rights. This figure of 701,801,276 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Directors' and PDMRs' shareholdings

The following Directors participated in the Fundraising as follows:

(1) Tim Livesey holds 2,000,000 Ordinary Shares in his own name and is beneficially interested in 2,746,800 Ordinary Shares held by Hargreaves Lansdown Nominees Limited.

Claire Bay, the Company's Group Manager, has also subscribed for 200,000 new Ordinary Shares in the Placing for a total value of £1,000.

Further information on these dealings is included in the PDMR dealing notifications below.

Related Party Transactions

The participation in the Placing by the Directors, set out in the above table, is deemed to be a related party transaction pursuant to the AIM Rules for Companies (the 'AIM Rules').

The directors independent of the participation in the Placing (being Peter Addison and Christopher Worcester), consider, having consulted with the Company's nominated adviser, Grant Thornton UK LLP, that the terms of the Directors' participation in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.

Perry Ashwood, the Company's former CFO, has subscribed for 600,000 new Ordinary Shares for a total value of £3,000 in the Placing which is to be a related party transaction under the AIM Rules. The directors consider, having consulted with the Company's nominated adviser, Grant Thornton UK LLP, the participation of Mr Ashwood in the Fundraising to be fair and reasonable insofar as the Company's Shareholders are concerned.

Appointment of Joint Broker

The Company has appointed Turner Pope as its joint broker with immediate effect.

** ENDS **

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. Following the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, 

or contact:

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 an exciting exploration project in Senegal on which it has signed an option earn-in agreement with IAMGOLD and 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. The Company also has significant interests in Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Djibouti and Egypt, and Tanzania respectively. The Company is currently pursuing value-accretive opportunities within its existing portfolio as well as identifying new value-appropriate projects in Africa and Europe.

ANNEX - PDMR notifications

Template for notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them