Edwin Coe advises Stratex International plc on £1.25m investment and a new joint venture

Law firm Edwin Coe’s corporate team acted on two recent transactions for Stratex International plc, the AIM quoted exploration and development company.

Russel Shear, Head of Corporate, advised Stratex on an investment of 34% of the issued share capital of Goldstone Resources Limited, also an AIM listed company, for a £1.25m investment. In addition, Stratex were granted warrants to subscribe for further shares in Goldstone which, if exercised, would give it 50.1% of Goldstone.

The Corporate team also advised Stratex International plc on its International joint venture with Thani Emirates Resource Holdings to form Thani Stratex Resources Limited on 27 October 2014. Stratex transferred its exploration licences in Ethiopia and Djibouti to the new company and Thani transferred its exploration licences in Egypt to the new company. The newly formed company will now focus on East and North African mineral exploration and development.

Stratex International plc is an AIM listed company currently focusing on the exploration and development of gold and high-value base metals in Turkey, East Africa and West Africa. Formed in 2004 and listed in January 2006, the company has been positioned to take advantage of the current paucity of exploration activities and the resultant projected shortage in supply of precious and base metals.

Edwin Coe has been advising Stratex International since its flotation on AIM and Russel commented: “Edwin Coe is delighted to be able to advise Stratex International plc on these two transactions having been involved in the evolution of its business since flotation.”

Christopher Hall, Stratex Non-Executive Chairman, said: “Stratex is very pleased to have closed this deal which combines its assets in Ethiopia and Djibouti with those of our joint venture partner in Egypt.”

ENDS