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Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

 

Stratex International Plc

('Stratex' or 'the Company') 

Goldstone Announces Successful £400,000 Financing

 

Stratex wishes to report that Goldstone Resources Limited (“Goldstone”; AIM: GRL), in which it holds a 33.45 per cent interest, has entered into a loan agreement with Paracale Gold Limited (‘Paracale’), pursuant to which they will provide Goldstone with a loan of up to £400,000. The loan will be used to progress Goldstone’s Homase-Akrokerri project in Ghana, which hosts an existing 602,000 oz gold JORC compliant resource.

 

Highlights:

· Paracale will provide Goldstone with a £400,000 unsecured loan at an interest rate of 9.375%;

· £200,000 will be drawn down immediately and the balance drawn down, subject to shareholder approval, after Goldstone’s forthcoming AGM;

· Subject to shareholder approval, the loan and accrued interest will convert to new Goldstone ordinary shares at a price of 1 pence per share;

· The total number of ordinary shares issued to Paracale will depend on the date of Goldstone’s AGM. Were Goldstone’s AGM to be held on 31 July 2017, the conversion of the loan and accrued interest would dilute Stratex’s holding in Goldstone to 23.94%;

· If Goldstone’s shareholders do not approve the conversion and the loan is repaid, Paracale shall receive warrants to subscribe for 20,000,000 Goldstone ordinary shares at 2 pence per share. In this instance, should all 20,000,000 warrants be exercised, Stratex’s interest in Goldstone would be diluted to 27.98%. 

Goldstone also intends, subject to shareholder approval, to issue ordinary shares to certain directors in lieu of accrued fees and salaries, which would further dilute Stratex’s interest.

The Paracale loan, together with Goldstone’s existing cash resources, is expected to provide funds for the next 6 to 9 months, depending on the rate of spend.

Goldstone has also announced that Dr Bob Foster has decided to step down from the Board of the Company as a Non-executive Director to focus on other business interests with effect from 4 April 2017. 

The full announcement by Goldstone can be found at http://www.goldstoneresources.com/investors/news-releases.html.  

 

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 (“MAR”). Following the publication of this announcement, this inside information is now considered to be in the public domain.

 

* * ENDS * * 

 

For further information please visit www.stratexinternational.com, 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

Philip Secrett / Samantha Harrison / Daniel Bush

 

Hannam & Partners

Tel: +44 (0)20 7907 8500

Neil Passmore/ Andrew Chubb

 

 

 

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 a 45% share of the Altıntepe gold mine in Turkey. It also owns 15% of a copper-gold project at feasibility stage and an exciting exploration project in Senegal.  

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