Last checked at 6 May 2016 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
('Stratex' or 'the Company')
Tembo Financing and Change of Director
Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals in East Africa, West Africa and Turkey, where it holds a significant interest in a producing gold mine, notes that Tembo Gold Corp ("Tembo"; TSXV: TEM), in which the Company holds a 12.89% interest, has been granted a management cease trade order ("MCTO") due to a delay in Tembo filing its annual audited consolidated financial statements and related documentation (collectively, the "Required Filings"; Tembo Press Release dated 2nd May 2016). The MCTO prohibits trading in securities of the company, either directly or indirectly, by Tembo's CEO and CFO until Tembo makes the Required Filings. Tembo anticipates that it will file the Required Filings by 29th June 2016, at which point the MCTO will be revoked. The MCTO does not affect the ability of Tembo's shareholders to trade in Tembo's securities.
The Company also notes that Tembo plans to undertake a non-brokered private placement (the "Placement") of up to 20,000,000 common shares (each a "Share") at a price of C$0.02 per Share (Tembo Press Release dated 26th April 2016). The Placement will raise gross proceeds of up to C$400,000, which will be used for working capital. The successful Placement would reduce Stratex's interest in Tembo to approximately 11.2%,.
The Company also advises that Stratex's CEO Bob Foster has tendered his resignation from the Tembo Board. Commenting, Bob Foster stated: "The move to secure further financing for Tembo is sensible given the rising gold price and the consequent re-awakening interest in gold projects and gold stocks. The Tembo tenements adjacent to Acacia Mining's Bulyanhulu Mine have yielded multiple gold intersections from previous drill programmes and it now remains to deliver a coherent resource with further drilling. Whilst retaining a significant interest in Tembo, Stratex is directing its future efforts and expenditures towards opportunities in West Africa, a region where we are particularly focused on exploration and the potential acquisition of projects. We also continue to consider opportunities in Turkey and the wider region where we have a strong footprint in terms of our intellectual and operating experience and a highly successful exploration team. To maintain this focus and the necessary commitment of time and effort, I have decided to step down from the Board of Tembo but will continue to monitor its developments with interest."
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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
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Grant Thornton UK LLP | Tel: +44 (0)20 7383 5100 |
Philip Secrett / Jen Clarke / Daniel Bush
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Northland Capital Partners Limited | Tel: +44 (0)20 3861 6625 |
Gerry Beaney / David Hignell (Corporate Finance) Abigail Wayne / John Howes (Broking) | |
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 achieved first gold pour at its 45%-owned Altıntepe gold mine in Turkey in November 2015 and recently sold its 1% Net Smelter Returns royalty in the Öksüt gold project for US$4.5 million. It also owns 30% of a copper-gold project at feasibility stage. With its current cash position, projected cash returns and no debt, the Company is well-placed to advance its existing exploration programmes and is also actively seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources.