Stratex issued 13.2% of Tembo shares for C$1.75m
JOHANNESBURG (miningweekly.com) – Aim-listed Stratex International on Tuesday announced that its wholly owned subsidiary Stratex Gold had been issued 17.5-million, or 13.2%, of the common shares in Tembo Gold Corporation in return for a subscription of C$1.75-million.
The subscription agreement marked the company’s contribution to a C$5.95-million co-investment with the New Africa Mining Fund II, which contributed C$2.5-million, and Concept Capital Management, which contributed C$1-million, together with other investors, in Tembo Gold.
Stratex’s holding could increase to 23.4% on the exercise of matching warrants. Each warrant would be exercisable for one common share in Tembo until December 2, 2016, at a price of C$0.12 a share.
Tembo further expected to close a second nonbrokered tranche of the private placement by mid-December for up to C$2.3-million.
Funds invested were to be focused largely on exploration drilling and resource definition at the Tembo gold property, in Tanzania, a 100 km2 package of highly prospective licences adjacent to African Barrick Gold's Bulyanhulu mine.
"We are delighted that the equity financing has now been completed, subject only to final approval by the TSX-Venture Exchange, and we anticipate working closely with our co-investors and the Tembo technical team to unlock the potential of this very exciting licence package adjacent to the multimillion-ounce Bulyanhulu gold mine,” Stratex CEO Dr Bob Foster said.
He added that drilling at the Tembo project had already returned some high-grade gold intersections, noting that it was now the investors’ collective task to define the mineralised zones in greater detail and to drive the project toward resource definition.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
