TIDMSTI
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 10.00am on 31 August 2018
of Forms of Proxy for the General
Meeting
Time and date of the General Meeting 10.00am on 4 September
2018
Name change effective and dealings 5 September 2018
effective
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 Amara Mining Limited
Caledonia Mining Corporation Amara Mining (Burkina) Limited
plc 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: +44 (0)20 830 9650
Tim Livesey / Bob Smeeton / Claire
Bay
Camarco (IR/PR Contact) Tel: +44 (0)20 3757 3763 / 020
3781 3765
Gordon Poole / Nick Hennis / Monique
Perks
Grant Thornton UK LLP Tel: +44 (0)20 7383 5100
Samantha Harrison / Ben Roberts / Samuel Rowe
Hannam & Partners Tel: +44 (0)20 7907 8500
Neil Passmore / Andrew Chubb
Turner Pope Investments (TPI) Ltd Tel: +44 (0)2036214120
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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