By Susanna Moon
Chicago, June 7- Stratex International plc closed a £7 million private placement with the issuance of 77,777,775 common shares at 9p per share, according to a press release.
The issuance represents a third of the company's enlarged share capital. The shares were issued to institutional investors and Stratex directors.
After the placement, the total number of common shares issued will be 233,394,442.
The proceeds will be used for the company's drilling program in Turkey.
"We are delighted to have exceeded our initial £5 million target and are pleased to welcome new high-quality institutional investors to our shareholder base. The response from investors is a huge endorsement of our team's ability to deliver value," David Hall, executive chairman of Stratex International, said in a written statement.
Hall added, "In a short time period, the Company has achieved a great deal: It has made a new generative discovery and, more importantly, it has recognized a potential new gold belt. These funds will allow Stratex to develop its portfolio by adding additional resources to its current 841,313 oz Au gold resource base as well as advance its extensive portfolio."
Stratex International is a AIM-quoted international exploration and development company based in London.
| Issuer: | Stratex International plc
|
| Issue: | Stock
|
| Amount: | £7 million
|
| Shares: | 77,777,775
|
| Price: | 9p per share
|
| Warrants: | No
|
| Announcement date: | June 7
|
| Stock symbol: | AIM: STI
|
| Stock price: | 10.12p at close June 7
|
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