Last checked at 19 Apr 2016 07:00
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
("Stratex" or "the Company")
Thani Stratex Raises US$2 million
Stratex International Plc, the AIM-quoted exploration and development company focused on gold and base metals East Africa, West Africa and Turkey where it holds a 45% interest in a producing gold mine, is pleased to announce that Thani Stratex Resources Limited ("Thani Stratex" or "TSRL"), in which the Company has a significant interest, has raised US$2 million of new funding by way of a Subscription Agreement (the "Agreement") with Resource Capital Fund VI L.P. (''RCF''), giving RCF a holding of 15.2% of TSRL. As a result of the fund raising, Stratex's holding in TSRL has been diluted from 38.4% to 32.4%.
Christopher Hall, Stratex Chairman and Stratex representative on the TSRL Board commented: "We are pleased that Thani Stratex has now underpinned its future with this new equity financing from RCF which clearly represents a strong vote of confidence in the company, its management and its prospects. Following shortly after the joint-venture funding for drilling in Djibouti, the RCF funds will permit an acceleration of TSRL's efforts in Egypt as well as contributing to funding corporate overheads. We look forward to future news flow from both the Rift Valley and older terrane targets."
Further Details
Following on from a US$1.25 million investment (net of fees) by NurtureEx B.V. earlier this year (Announcement dated 25th February 2016), additional funding has been raised by Natural Resources Global Capital Partners Ltd through a Subscription Agreement with RCF. Under the terms of the Agreement, 1,000,000 ordinary shares of US$0.20 each in the capital of Thani Stratex ("Ordinary Shares") have been placed with RCF at a price of US$2.00 each to raise US$2 million, giving RCF a holding of 15.2% of TSRL. The new funds will be used principally to advance TSRL's Egyptian prospects as well as for general corporate purposes. Following the investment by RCF, Stratex's interest in TSRL now stands at 32.4%. Likewise, the interest held by the Company's partner, Thani Emirates Resources Holdings, has been reduced to 52.4%.
TSRL anticipate commencing a 4,000 metre drilling programme in Djibouti during Q2-2016. The drilling will target the Pandora vein system ("Pandora") as well as the new Asaleyta prospect located 16 km to the north of Pandora, where recent work has defined disseminated and vein-hosted gold mineralization in rhyolite domes.
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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 14.87% 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.