14th May 2018 12:23
LONDON (Alliance News) - Gold mining company Stratex International PLC said on Monday it has received full repayment of a loan made to Crusader Resources Ltd.
In July 2017, Stratex said it had amended an AUD1.5 million loan facility issued to Crusader, which would be converted to Stratex shares instead of Crusader shares after Stratex's acquisition of Crusader was completed.
However, in November, shareholders voted against the Stratex-Crusader merger, meaning that all loans would be recovered. In the same meeting, shareholders removed former Chief Executive Marcus Engelbrecht.
As a result, Stratex has received AUD1.6 million, which includes 12% compound interest on the original loan of AUD1.5 million.
Shares in Stratex International were up 5.6% at 0.66 pence on Monday, while Crusader shares remained untraded at 2.89 pence.
Related Shares:
Stratex InternationalCAS.L