13th Jun 2018 12:32
LONDON (Alliance News) - Stratex International PLC said on Wednesday it has raised GBP1.2 million through a placing and subscription of 230.0 million shares at a price of 0.5 pence per share.
Shares in the gold-focused exploration company were down 1.3% at 0.54 pence on Wednesday.
Stratex issued 224.5 million shares in a placing, and 5.5 million shares through a subscription, with the total amount of share representing 33% of Stratex's enlarged share capital.
Proceeds will go towards funding an option agreement in Cameroon to acquire up to a 90% interest in the Bibemi and Wapouze gold projects in north Cameroon.
"We are delighted to have secured this financing, quickly and efficiently, in what are tight market conditions for exploration companies. We have a focussed and defined plan to use the funds to expand and advance our footprint in West Africa, in particular the initial earn-in to the two early-stage gold exploration projects in Cameroon, under the recently executed option agreement with BEIG3 that represents a highly exciting opportunity for the company," said Chief Executive Officer Tim Livesey.
Stratex International now has 701.8 million shares issued overall.