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Stratex ends financial year with £2mln in the bank

Last year was an eventful one for Stratex, but it emerges into 2018 with cash in the bank and new plans
gold and dollars
The company has cash in the bank and a 30.4% interest in Thani Stratex Exploration

Stratex International plc (LON:STI) ended the full year to 31 December 2017 with £2mln in the bank, after an eventful year.

The sale of company's 45% interest in the Altıntepe gold project in Turkey was completed in April 2017 and the proceeds of US$8mlm duly received.

In addition, following dilution of Stratex's shareholding in Goldstone Resources Limited, the company sold its 13.7% interest for £547,000 in October 2017.

However, Stratex has maintained its interest in Thani Stratex Resources Ltd , currently at 30.1%, by investing a further US$590,000 during the year under review, with a further US$200,000 to be invested before the end of the first quarter of 2018. Following that investment Stratex’s holding in Thani Stratex will increase to 30.4%.

READ: Stratex International updates on partially-owned associate's deal making

Elsewhere, Aforo Resources Ltd, in which Stratex has a 7.84% interest, signed option agreements for two gold projects in Burkina Faso. One of the projects, Niare, has a non-JORC gold resource of 98,000 ounces at 1.36 grams per tonne gold.

Finally, an attempt to acquire ASX-listed Crusader Resources was voted down, and Stratex chief Marcus Engelbrecht was replaced by former CEO Bob Foster on a temporary basis.

It all added up to a loss after tax of £5.4mln, even allowing for a £2.9mln profit booked from the sale of the Altintepe mine.

Stratex incurred charges relating to the Goldstone sale and the Crusader deal, and wrote off £1.3mln in relation to the Dalfin project in Senegal.

WATCH: Stratex International 're-balanced and re-engaging with shareholders'

The company is also engaged in various negotiations with the tax authorities in Turkey and the UK.

Stratex ended the year with a cash balance of £2mln, having started the year with £1.6mln.

New chief executive Tim Livesey is due to start work on March 1.

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