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Camarco
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Tel: +44 (0) 20 3757 4980

Stratex International PLC

('Stratex' or 'the Company')

Update following the General Meeting and
Termination of Proposed Acquisition of Crusader Resources Limited

 

The Board of Stratex International PLC (“Stratex” or the “Company”) wishes to update shareholders following the results of the General Meeting, which were announced on 1 November 2017. At the General Meeting two resolutions were passed, namely removing Marcus Engelbrecht as a director and terminating the proposed acquisition of Crusader Resources Limited (“Crusader”).

Notwithstanding a small majority approving these resolutions, the Board confirms that in addition to Marcus Engelbrecht leaving the board on 1 November, his employment as Chief Executive Officer has been terminated. The Board wishes to thank Marcus for his valued contribution and commitment to the Company since his appointment and wishes him every success in the future.

The Board also confirms that it has given notice under the Scheme Implementation Deed, dated 15 June 2017 (as amended and restated on 28 September 2017), terminating the proposed acquisition of Crusader. The Company will take all appropriate steps to recover the secured loans made to Crusader when these amounts become due. Further announcements will be made in due course.

The Board will now consider the composition of the board and the future direction of the Company, and a further announcement will be made in due course.

 

* * ENDS * *

For further information please visit www.stratexinternational.com, 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

 

 

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.

 

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

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