News blog
Stratex International
- BY: Andrew Hore |
- POSTED: 13/10/2008 |
Stratex International has agreed joint venture terms with ASX-quoted Syrah Resources which will cover its Altintepe and Inlice projects.
These two projects in Turkey have gold resources of nearly 571,000 ounces.
Syrah will pay $100,000 and issue 4.5m shares to Stratex when the joint venture is signed. It will spend $500,000 on the projects in the first year and $1m in the second year. Syrah will also pay $100,000 at the end of each of these two years. After that it will own 51% of the projects.
The issue of 3m shares and the funding of a feasibility study will earn Syrah 70% of the projects. Stratex would own 20% of Syrah so its effective stake in the projects would be 44% (30% + (20% of 70%)).
Syrah has paid $50,000 for a 35 day due diligence period.
Inlice could go into production at an early stage and provide cash flow to develop Altintepe.
Fox-Davies was appointed joint broker last week. Hanson Westhouse is still nominated adviser and broker.
At 3.5p a share, Stratex is valued at £8.2m.
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