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Stratex International Plc

(“Stratex” or the "Company”)

Proposed Appointment of New Chief Executive

 

Since the general meeting held on 1 November 2017, the Board of Stratex has been reviewing the composition of the Board and the future direction of the Company in light of the outcome of the general meeting and the termination of the proposed acquisition of Crusader Resources Limited.

Accordingly, the Board has invited Dr Bob Foster, the former Chief Executive Officer (“CEO”) of the Company, to re-join the Company as CEO on an interim basis. Initially, pending completion of standard regulatory due diligence, Bob will be appointed to a management role within the Company and his appointment as a Director and CEO will be confirmed once the regulatory due diligence has been satisfactorily completed. Bob’s appointment will be on similar terms to those when he left as CEO in August 2016.

The Board have mandated that Bob will initially independently review the Company’s position and strategy, and will consider the most appropriate means and opportunities to develop Stratex, in order to advance the interests of the Company and all of its shareholders.

The Chairman, Peter Addison said “The Board welcomes Bob’s return as CEO at this important juncture for the Company. He has a unique history with the Company that will be highly valuable in reviewing and formulating the Company’s strategy. The Board will provide him with every support as we seek to deliver value to all shareholders. “

A further announcement, which will include the disclosures required under Schedule 2 paragraph (g) of the AIM Rules for Companies, will be made upon the conclusion of the regulatory due diligence.

 

** 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

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

 

                                                             

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.           

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 Thani Stratex Resources Ltd and Tembo Gold Corp. for their exploration projects in Djibouti and Egypt, and Tanzania respectively.

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