Notice of General Meeting & Company Update

RNS Number : 9432X

Stratex International PLC

16 August 2018

 

Stratex International Plc

("Stratex", "Company" or the "Group")

Proposed Corporate Rebranding, Change of Directors
and
Notice of General Meeting

Stratex International Plc, the AIM-quoted gold exploration and development company, announces that it is proposing to change the name of the Company to "Oriole Resources PLC". The proposed change reflects a repositioning of the Company following the appointment of new executive directors, Tim Livesey (CEO) and Bob Smeeton (CFO) earlier this year and a refocusing of the Group's activities on early-stage exploration and joint-venture partnerships in Africa and Europe. The change of name is subject to approval of the shareholders and a notice of meeting is being posted to shareholders today.

The Company is also pleased to announce the upcoming appointment of John McGloin as non-executive Chairman and David Pelham as non-executive director, both appointments to be effective on 3 September 2018. In conjunction with the appointment of John and David, Peter Addison and Chris Worcester will be standing down from the board on 3 September 2018.

John and David will join Tim and Bob in representing the Company as its board at the General Meeting to be held next month to approve the change of name.

Tim Livesey, CEO of Stratex, said: "Since the termination of the Crusader acquisition last year, the Company has worked hard to reposition itself in the market and we believe we have made great strides in re-aligning ourselves with our shareholders. The change in our non-executive directors and proposed rebrand mark the final stages of this transition, highlighting that we have, over the past 8 months, transformed into a very different company, whilst at the same time maintaining and enhancing our technical credentials. We would like to thank Chris, and in particular Peter, for their dedication to the Group over the past 2 years and decade respectively, and wish them all the best for the future.

John has been in the mining industry for almost 30 years, working predominantly in Africa and most recently as CEO of Amara Mining, a company he sold for US$85 million. David has over 35 years' experience as a mineral geologist in early-stage exploration, and currently sits on the Board of Cora Gold, as well as having recently sat on the Board of Hummingbird Resources.

Moving forward, John and David will both commence office on the day of the General Meeting and so we look forward to introducing them to any shareholders that are able to join us."   

Further Details of the General Meeting

A notice convening a general meeting to be held at 10am on 4 September 2018 ("General Meeting") is today being posted to Shareholders. At the General Meeting, shareholder approval will be sought for a change in the Company's name to Oriole Resources PLC. The General Meeting will be held at the offices Grant Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU. The Circular is available on the Company's website at http://www.stratexinternational.com.

The current directors consider the name change to be in the best interests of the Company and its shareholders as a whole and accordingly recommend that shareholders vote in favour of the resolution to be propose at the General Meeting as they intend to do in respect of their own holdings representing in aggregate approximately 0.99% of the current issued share capital.

Expected Timetable of Principal Events

Latest time and date for receipt of Forms of Proxy for the General Meeting		10.00am on 31 August 2018
Time and date of the General Meeting		10.00am on 4 September 2018
Name change effective and dealings effective		5 September 2018

Subject to shareholder approval of the change of name at the general meeting, the Company's ticker will be changed to 'ORR'. The Company's ISIN number will remain unchanged.

Further information on John Francis Gerald McGloin (Age 53)

John McGloin is a geologist and graduate of Camborne School of Mines. John worked for many years in Africa within the mining industry before moving into consultancy. He joined Arbuthnot Banking Group following four years at Evolution Securities as their mining analyst. He is also the former Head of Mining at Collins Stewart.

More recently, John served as the Chairman and Chief Executive Officer of Amara Mining plc until 2016 and is currently a non-executive director to Caledonia Mining Corporation plc and to Perseus Mining Limited.

Current directorships and partnerships	Past directorships and partnerships in last 5 years
Perseus Mining Limited Caledonia Mining Corporation plc	Amara Mining Limited Amara Mining (Burkina) Limited Amara Mining (Cote D'Ivoire) Limited Amara Mining (Sierra Leone) Limited Amara Mining Cote D'Ivoire SARL Amara Mining Services Limited Baomahun Gold Limited Cluff Gold Sega SARL Cluff Gold (SL) Limited Cluff Mining Burkina SARL Kalsaka Mining SA Seguenega Mining SA Winston Mining Limited Yaoure Mining SA

On 9 December 2014 Seguenega Mining SA, a Burkina Faso incorporated subsidiary of Amara Mining plc and a company of which John McGloin was a director, was placed into liquidation with debts of approximately US$20 million. The liquidation was completed in during 2016 and the company was formally dissolved.

On 14 February 2017 'Kalsaka Mining SA' a Burkina Faso incorporated subsidiary of Amara Mining Plc and a company of which John McGloin was a director was placed into liquidation with debts of approximately US$6.6 million.

Further information on David Almgren Pelham (Age 67)

David Pelham is a mineral geologist with over 35 years global exploration experience. He has overseen the discovery and early evaluation of multiple deposits, most notably including the +6 Moz Chirano Gold Mine in Ghana, as well as Hummingbird's 4.2 Moz Dugbe gold deposit in Liberia.

David has been a non-executive director to AIM-quoted Cora Gold Ltd since May 2017.

Current directorships and partnerships	Past directorships and partnerships in last 5 years
Cora Gold Limited	Sierra Morena Exploration Ltd Hummingbird Resources plc

Neither John McGloin nor David Pelham hold any interests in the share capital of Stratex.

There is no further information required to be disclosed in respect of the above appointments pursuant to Rule 17 or Schedule 2 (g) of the AIM Rules for Companies.

** ENDS **

Stratex International Plc	Tel: [phone]
Tim Livesey / Bob Smeeton / Claire Bay
Camarco (IR/PR Contact)	Tel: [phone]
Gordon Poole / Nick Hennis / Monique Perks
Grant Thornton UK LLP	Tel: [phone]
Samantha Harrison / Ben Roberts / Samuel Rowe
Hannam & Partners	Tel: [phone]
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Ltd	Tel: [phone]
Ben Turner / James Pope / Andy Thacker

Notes to Editors:

The Company is focused on early-stage gold exploration in Cameroon and more advanced exploration in Senegal, where IAMGOLD is earning up to a 70% interest in the Dalafin project. The Company is also reviewing greenfields exploration opportunities in the Tethyan belt in Europe. In Turkey, it owns 14.87% of a copper-gold project at feasibility stage in Turkey, which will likely default to a 1.2% (post-Turkish tax) royalty position during 2018, and is managing its royalty interests in a number of other projects. The Company also has interests in Thani Stratex Resources Ltd, Tembo Gold Corp. and Aforo Resources Limited for their exploration projects in Djibouti and Egypt, Tanzania and Burkina Faso respectively.

 

END

 

 

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