Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Stratex International to merge with Aussie peer Crusader Resources

Crusader has two advanced gold projects in Brazil, Borborema and Juruena
picture of handshake
Crusader shareholders will end up with 81% of the enlarged company

New management at Stratex International plc (LON:STI) has signalled a change of focus with a reverse takeover of Aussie-listed but Brazil-focused gold miner Crusader Resources Ltd (ASX:CAS).

Crusader has two advanced gold projects in Brazil, Borborema and Juruena, with combined JORC-compliant resources of 2.7Moz Au, as well as the Posse iron ore mine.

The share based-deal values Crusader at £31.1mln (A$54.2mln) and will see its shareholders end up with an 81% stake in the enlarged company.

 Marcus Engelbrecht, Stratex’s chief executive, said: "We are delighted to have entered into this Agreement with Crusader which, if successfully implemented, will see Stratex acquire substantial and highly prospective gold projects to add to our already exciting asset portfolio.

This development is aligned with our long-term strategy of becoming a significant gold production, development and exploration company, and we believe it has the potential to provide significant value to our shareholders and take us a step closer to operating highly deliverable gold mines."

Stephen Copulos, Crusader's chairman, added:  “The proposed transaction should, if implemented, provide for an uplift in value for Crusader shareholders and with Stratex's existing cash balance of over A$12mln, funding to progress the Borborema and Juruena projects.

“The combined company will be able to leverage off its significant balance sheet, strong portfolio of gold development and exploration assets and highly regarded combined management team to move forward to project development in the near-term."

PhilW.jpg
Why Invest In Stratex International plc? Read More Here

Register here to be notified of future STI Company articles
View full STI profile View Profile

Stratex International plc Timeline

Related Articles

picture of gold being poured
April 25 2017
Production from Cap- Oeste is now expected to be 186,800 ounces of gold equivalent over the next three years
logan_=_brik_prperty.png
April 25 2017
Last year, it struck an option deal with Pilot Gold Inc, whereby it can evaluate nine exploration projects
Otis Gold Corp sizing up the jigsaw at Kilgore gold project
April 12 2017
The junior mining firm has just released data from fieldwork conducted last year

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use