19th Apr 2016 09:02
LONDON (Alliance News) - AIM-listed Stratex International PLC said Tuesday its holding in Thani Stratex Resources Ltd has been diluted further, after the investee company raised USD2.0 million in a subscription agreement with Resource Capital Fund VI LP.
Following the agreement, Stratex International holds a 32.4% stake in Thani, down from 38.4%. This figure had already been reduced from 40% in February, when Thani secured USD1.3 million of funding through a "non-repayable and interest-free" convertible loan from NurtureEx BV.
Stratex said under the terms of the subscription agreement, 1.0 million Thani shares were placed with Resource Capital at a price of USD2.00 each, raising USD2.0 million and giving Resource Capital a 15.2% stake.
Stratex said the funds will be used principally to advance Thani's Egyptian prospects as well as for general corporate purposes.
This focus on Egypt will take place after Thani has commenced its 4,000-metre drilling programme in Djibouti during the second quarter of 2016, targeting the Pandora vein system and the Asaleyta prospect to the north of Pandora, Stratex said.
Shares in Stratex were up 0.5% at 2.06 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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