29th Oct 2013 11:14
LONDON (Alliance News) - Stratex International Tuesday said its wholly owned subsidiary, Stratex Gold AG has began a subscription agreement for the acquisition of 11 million subscription receipts for CAD1.7 million from Tembo Gold Corporation.
The exploration and development company, with operations in Turkey, East Africa and West Africa, said that the receipts are part of its previously announced agreement with Tembo to participate in a strategic financing of up to CAD8.7 million to continue exploration of its Tembo gold property in Tanzania.
Following conversion of the subscription receipts, and assuming the completion of the maximum placement, Stratex will own up to 11,046,667 common shares of Tembo, or approximately 10.3% of the outstanding common shares on a non-diluted basis.
The Company's holding could increase to 18.7% on the exercise of matching warrants.
Stratex shares were up 0.3% to 4.39 pence Tuesday.
An Alliance News interview with Stratex's Chief Operating Officer Bob Foster can be found at the URL below:
http://allapp.alliancenews.com/article?u=c26fbd13353a44cdbc0680f496df6f3b&a=1382094081641590800
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
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