Stratex International (LON:STI) – BUY*: Goldstone update
Market Cap: £8.4m; Current Price: 1.8p; Target Price: 7.3p
From yesterday: Changes to the Goldstone Board and Management
Jurie Wessels MD and CEO of Goldstone Resources, a company that Stratex International owns 33.45% of, has resigned as a Director and his services as an employee of the Company have been terminated with immediate effect.
Emma Priestley has been appointed Interim Chief Executive Officer to ensure orderly continuation of the business.
No change to forecasts, rating or price target.
Premier African Minerals (LON:PREM) – SPECULATIVE BUY*: Corp update
Market Cap: £9.7m; Current Price: 0.72p
From yesterday: Conversion of loan note and issue of equity
Premier African Minerals has received notice from Darwin Capital to convert 9 loan notes that have an aggregate value of £232,500 in to equity.
6 of the loan notes (£157,500) are convertible at 105% Par Value in to new shares in Prem at the lesser of the subscription price or 90% of the five day VWAP preceding conversion.
As the APT price remains below the trigger price $230/mtu Darwin has elected to convert an additional three loan notes at 100% Par Value (£75,000) at the same conversion price.
The Par Value of the outstanding loan notes after conversion yesterday is £700,000.
As a result of the conversion, Prem has issued 79,678,407 at a price of 0.291798p.
Following the issue the Company will have 1,499,971,463 shares outstanding.