Stratex International PLC Goldstone Announces Successful £400,000 Financing (4449B)
April 03 2017 - 12:08PM
UK Regulatory
TIDMSTI
RNS Number : 4449B
Stratex International PLC
03 April 2017
Stratex International Plc / Index: AIM / Epic: STI / Sector:
Mining
Stratex International Plc
('Stratex' or 'the Company')
Goldstone Announces Successful GBP400,000 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 GBP400,000. 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 GBP400,000 unsecured
loan at an interest rate of 9.375%;
-- GBP200,000 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 Tel: +44 (0)20 7830 9650
Plc
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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