Last checked at 23 Dec 2013 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
("Stratex" or "the Company")
Tembo Gold Corporation Completes C$1.39 M Private Placement for Tembo Gold Project Development
Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, is pleased to announce that Tembo Gold Corporation (TSXV: TEM; "Tembo"), has completed the second tranche of its previously announced non-brokered private placement (the 'Placement'; announcement dated 2nd December 2013) for aggregate gross proceeds of approximately C$1,388,252. Tembo closed the first non-brokered tranche of the Placement on December 2, 2013 for aggregate gross proceeds of approximately C$5,948,890.10.
The Placement marks a co-investment by Stratex (C$1,750,000), New Africa Mining Fund II (C$3.5 million) and Concept Capital Management Ltd (C$1.0 million), together with other investors. Funds invested are to be focussed largely on exploration drilling at the Tembo gold property in Tanzania, a package of c.100 km2 of highly prospective licences adjacent to African Barrick Gold's Bulyanhulu Mine. The Placement remains subject to the final approval of the TSX Venture Exchange.
Stratex's wholly-owned subsidiary, Stratex Gold AG, has 17,500,000 common shares in Tembo, priced at C$0.10 per share, which Tembo advises represents approximately 14.23% of the share capital prior to dilution from warrants. The Company's holding could increase to 24.92% on exercise of its matching warrants. Each warrant will be exercisable for one common share in Tembo until 2nd December 2016, at a price of C$0.12.
In addition, Tembo held its annual and special meeting (the "Meeting") of shareholders last week. The nominees listed in the management information circular for the Meeting were elected as directors of Tembo, Grant Thornton LLP was appointed as auditor for the ensuing year, and Tembo's option plan was reapproved.
Following the Meeting, Dave Anthony and John Seaman resigned as Directors of Tembo and Neil Gardyne, Bob Foster and Frank Hoegel of NAMF, Stratex and CCM, respectively, were appointed to fill such vacancies.
Further details are set out in the Tembo press release that can be accessed on Tembo's SEDAR profile at www.sedar.com.
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For further information please visit www.stratexinternational.com, email info@stratexplc.com, or contact:
Stratex International Plc | Tel: +44 (0)20 7830 9650 |
Bob Foster / Christopher Hall / Claire Bay | |
Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Philip Secrett / Melanie Frean / Jen Clarke | |
Northland Capital Partners Limited | Tel: +44 (0)20 7796 8800 |
Gavin Burnell / Luke Cairns / Alice Lane /John Howes | |
SP Angel Corporate Finance LLP | Tel: +44 (0)20 3463 2260 |
Ewan Leggat / Tercel Moore | |
Yellow Jersey PR Limited | Tel: +44 (0)20 3664 4087 |
Dominic Barretto / Philip Ranger / Anna Legge |
Notes to editors:
AIM-quoted (2006) Stratex International is focussed on the exploration and development of gold and high-value base-metal deposits in Turkey and East and West Africa.
It has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver and has a strong cash position following the US$ 20M sale of its interest in the Öksüt gold project in Turkey, and its c. US$ 20M future production royalties, along with the sales of 45 and 51 per cent of its Inlice and Muratdere projects, respectively. Stratex has a well-developed strategy to use its cash balance to move it towards a sustainable cash flow position from operations.
Its focus has been to form joint-venture partnerships with local private companies and major international mining companies, such as Antofagasta and Centerra in Turkey, and Thani Ashanti in East Africa while the corporate objectives are to progress majority-owned projects towards economic evaluation and development and to take advantage of quality opportunities in the smaller exploration company sector.