Stratex to subscribe for 10% of Tembo shares
JOHANNESBURG (miningweekly.com) – Aim-quoted exploration and development company Stratex International has agreed to subscribe for 11.05-million subscription receipts in Tembo Gold Corporation at C$0.15 apiece, for a total consideration of about C$1.66-million.
The subscription agreement marks the company’s contribution to a total C$8.66-million placement with co-investors, New Africa Mining Fund II and Concept Capital Management, to fund the continued exploration and evaluation of the Tembo gold property, in the Lake Victoria gold belt of Tanzania.
The invested funds would be focused on resource definition over the next two field seasons at the Tembo gold property – a 100 km2 package of highly prospective licences and applications in Tanzania, adjacent to Barrick Gold’s Bulyanhulu mine.
Following receipt of the applicable clearance by the TSX-V, Stratex will hold 11.05-million, or around 10.3%, of the common shares in Tembo and an equal number of warrants.
The company's holding could increase to 18.7% on exercise of matching warrants. Each warrant will be exercisable to acquire one common share at a price of C$0.16 a common share for a period of three years from the subscription closing date.
Commenting on the proposed investment, Stratex chairperson Christopher Hall said obtaining shareholder consent for the strategic investment by the company in Tembo, and signing the subscription agreement, represented significant steps towards closing the transaction.
“The remaining hurdles are largely administrative and we expect all outstanding conditions to be met soon, enabling us to get started on the ground. We look forward to pulling together the encouraging results obtained by Tembo and focusing on the objective of defining a resource. We will announce the closing as soon as it is confirmed," he said.
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