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Released 07:00 29-Oct-2013
Number 5848R
Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining
Stratex International Plc
Subscription Agreement
for the Acquisition of Subscription Receipts of Tembo Gold Corporation
Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, reports that, following the Company’s agreement with Tembo Gold Corporation (TSXV: TEM; “Tembo”) to participate in a strategic financing of up to C$8.657 million to continue the exploration and evaluation of its Tembo gold property in the Lake Victoria Gold Belt of Tanzania (announcement dated 8th October 2013), its wholly-owned subsidiary Stratex Gold AG (“Stratex” or “the Company”) has executed a subscription agreement (the “Subscription Agreement”) for the acquisition of 11,046,667 subscription receipts (“Subscription Receipts”) for C$1.657 million. Following receipt of the applicable clearance by the TSX Venture Exchange, Stratex will hold 11,046,667 common shares in Tembo and an equal number of warrants.
Highlights
Commenting on the proposed investment Stratex Chairman Christopher Hall said “Obtaining shareholder consent for the strategic investment in Tembo by ourselves, the New Africa Mining Fund II and Concept Capital, and signing the Subscription Agreement, represent significant steps towards closing the transaction and a vote of confidence in our approach. The remaining hurdles are largely administrative and we expect all outstanding conditions to be met soon, enabling us to get started on the ground. We look forward to pulling together the encouraging results obtained by Tembo and focussing on the objective of defining a resource. We will announce the closing as soon as it is confirmed.”
Full details are set out in the Tembo press release that can be accessed on Tembo’s SEDAR profile at www.sedar.com.
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For further information please visit www.stratexinternational.com, email [email protected], or contact:
Stratex International Plc |
Tel: +44 (0)20 7830 9650 |
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Bob Foster / Christopher Hall / Claire Bay |
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Grant Thornton UK LLP |
Tel: +44 (0)20 7383 5100 |
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Philip Secrett / Melanie Frean / Jen Clarke |
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Northland Capital Partners Limited |
Tel: +44 (0)20 7796 8800 |
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Gavin Burnell / Luke Cairns / Alice Lane /John Howes |
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SP Angel Corporate Finance LLP |
Tel: +44 (0)20 3463 2260 |
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Ewan Leggat / Tercel Moore
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Yellow Jersey PR Limited |
Tel: +44 (0)20 3664 4087 |
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Dominic Barretto / Philip Ranger / Anna Legge |
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Notes to editors:
Stratex International is a well-funded AIM-quoted exploration and development company focussed on gold and high-value base metals in Turkey, East Africa and West Africa. Since listing on AIM in 2006, Stratex has had an impressive track record of successful exploration supported by joint-venture partnerships, both with major international mining companies and local companies to maximise the potential of its discoveries.
In December 2012 the Company announced the sale of its 30% interest in the Öksüt gold project for cash of 20 times its original US$1 million investment and retained a royalty of 1% up to a maximum additional value of US$20 million.
To date Stratex has discovered more than 2.2 million ounces of gold and 7.9 million ounces of silver, as well as 186,000 tonnes of copper. The Company has a robust cash balance and is therefore 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, particularly in East Africa and West Africa.
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