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Stratex aligns previous Crusader agreements with new merged entity

Published: 07:33 25 Jul 2017 BST

Gold bar
Stratex is consolidating its hold over Crusader's gold assets

Stratex International plc (LON:STI) has re-aligned a A$1.5 mln loan note that would have been convertible into Crusader Resources shares such that it can now be converted into Stratex shares upon the completion of the acquisition of Crusader under terms announced on 18 May.

The loan is fully drawn, bears an annual interest rate of 12% and has a maturity date of 29 March 2018.

It entitles Eyeon, which is controlled by Stephen Copulos, a director and major shareholder of Crusader, to convert all or part of the loan facility into Crusader shares at a pre-determined price equal to the lower of A$0.13 per share and the terms offered by Crusader at the most recent capital raising prior to the conversion date, at any time up to 10 days prior to the maturity date.

Stratex now assumes all of Crusader's outstanding obligations, including the obligation to issue shares in the capital of Stratex, in lieu of Crusader shares.

Meanwhile, Stratex has also varied the terms of Crusader’s acquisition of the Juruena gold project, previously agreed with Sandy Lake Gold Inc. Under the new terms, Crusader’s obligation to issue shares on the reaching of certain exploration and development milestones at Juruena are now transferred to Stratex.

 

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