19th Apr 2018 18:51
LONDON (Alliance News) - Gold exploration company Stratex International PLC said Thursday that it has re-organised its capital.
Each of the company's 467.3 million existing shares of 1 pence each have been converted into one new share of 0.1p and one deferred share of 0.9p each. These shares are expected to be admitted to AIM on April 20.
In a separate announcement, the gold miners said a test result from its Pandora gold programme in Djibouti produced an "outstanding" intersection on a previously untested Pyrrha vein.
The results include: 8.3 metres at 7.2 grams per tonne gold from 144.6 metres; 10 metres at 1.2 grams per tonne gold from 5.9 metres; 35 metres at 1.28 grams per tonne gold from 109.6 metres; 1.1 metres at 5.10 grams per tonne gold from 42 metres - which also produced 1.2 metres at 55.4 grams per tonne gold from 50.4 metres; and 3.54 metres at 2.35 grams per tonne gold from 100.5 metres.
Stratex holds a 30.4% interest in the Pandora gold project.
Chief Executive Officer Tim Livesey said: "It's great to see that the latest results from the current drilling phase at the Pandora Gold Project are continuing to show promising intersects. It is clear that the Djibouti team's understanding of the geology in the area is increasing with every hole, as is the potential scale of the district. We look forward to reviewing the project with TSR in detail over the coming months."
Shares in Stratex closed up 3.7% Thursday at 0.70 pence each.
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