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We look forward to pulling together the encouraging results obtained by Tembo and focussing on the objective of defining a resource. The remaining hurdles are largely administrative and we expect all outstanding conditions to be met soon, enabling us to get started on the ground. Funds invested are to be focussed on resource definition - over the next two field seasons - at the Tembo gold property in Tanzania, a package of c.100 km 2 of highly prospective licences and applications in Tanzania, adjacent to Barrick’s Bulyanhulu Mine.Ĭommenting on the proposed investment Stratex Chairman Christopher Hall said “Obtaining shareholder consent for the strategic investment in Tembo by ourselves, the New Africa Mining Fund II and Concept Capital, and signing the Subscription Agreement, represent significant steps towards closing the transaction and a vote of confidence in our approach.Each warrant will be exercisable to acquire one common share at a price of $0.16 per common share for a period of three years from the subscription closing date and The Company’s holding could increase to 18.7% on exercise of matching warrants.Following conversion of the Subscription Receipts, and assuming the completion of the maximum placement, Stratex will own up to 11,046,667 common shares of Tembo, or approximately 10.3% of the outstanding common shares on a non-diluted basis.The Subscription Agreement marks the Company’s contribution to a total C$8.657 million placement with co-investors New Africa Mining Fund II and Concept Capital Management Ltd.Stratex has agreed to subscribe for an aggregate of 11,046,667 Subscription Receipts of Tembo priced at $0.15 per Subscription Receipt, for a total consideration of C$1.657 million.
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Following receipt of the applicable clearance by the TSX Venture Exchange, Stratex will hold 11,046,667 common shares in Tembo and an equal number of warrants. Stratex International Plc, the AIM-quoted exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, reports that, following the Company’s agreement with Tembo Gold Corporation (TSXV: TEM “Tembo”) to participate in a strategic financing of up to C$8.657 million to continue the exploration and evaluation of its Tembo gold property in the Lake Victoria Gold Belt of Tanzania (announcement dated 8 th October 2013), its wholly-owned subsidiary Stratex Gold AG (“Stratex” or “the Company”) has executed a subscription agreement (the “Subscription Agreement”) for the acquisition of 11,046,667 subscription receipts (“Subscription Receipts”) for C$1.657 million. Stratex International Plc / Index: AIM / Epic: STI / Sector: Miningįor the Acquisition of Subscription Receipts of Tembo Gold Corporation
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