Last checked at 17 Oct 2017 07:00
Stratex International Plc
("Stratex" or the "Company")
Sale of Goldstone Stake & Board Change
Stratex (AIM:STI), the AIM-quoted gold exploration and development company, announces the sale of its 13.7 per cent stake in Goldstone Resources Limited ("Goldstone") to institutional investors at a price of 1.6 p per share for total cash consideration of £0.55m.
Following dilution of Stratex's shareholding in Goldstone, resulting from a recent capital raise, the Company's ownership has dropped below what is considered meaningful with regard to the ability to influence Goldstone's strategy and direction and consequently no longer meets the Company's investment criteria. The Goldstone investment was equity-accounted with a carrying value of £0.95m as at 30 June 2017. For the year ended 31 December 2016, Stratex recognised a loss of £0.79m before tax and non-controlling interests in respect of Goldstone's operations. The proceeds of the sale will be used for general corporate purposes.
In conjunction with the above sale, Stratex wishes to advise that Ms Emma Priestley has resigned as a Non-Executive Director of the Company effective today, due to her full-time commitments as Chief Executive Officer and director of Goldstone. Emma wishes the directors well in their future endeavours. Emma has served as a director since November 2014.
* * ENDS * *
For further information please visit www.stratexinternational.com, @StratexPLC on Twitter, email info@stratexplc.com, or contact:
Stratex International Plc | Tel: +44 (0)20 7830 9650 |
Marcus Engelbrecht / Claire Bay
| |
Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Samantha Harrison / Daniel Bush
| |
Hannam & Partners | Tel: +44 (0)20 7907 8500 |
Neil Passmore / Andrew Chubb
| |
Camarco | Tel: +44 (0)20 3757 4980 |
Gordon Poole / Nick Hennis / Monique Perks | |
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 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal. The Company also has significant interests in Goldstone Resources Ltd, Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Ghana, Djibouti and Egypt, and Tanzania respectively.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.