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Stratex International completes Tembo investment

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Stratex International (LON:STI) has completed the acquisition of a 13% stake in Canada-listed Tembo Gold.

After renegotiating more favourable terms, Stratex is now paying C$1.75mln for its stake, which could rise to 23.4% if Stratex takes up  an allocation of warrants.

Stratex was part of a consortium that raised C$5.95mln for the Tanzania-based gold explorer, with a second tranche of cash of about C$2.3mln expected to be closed this month.

Bob Foster, Stratex’s chief executive, added that Tembo's drilling had already returned some high-grade gold intersections and the emphasis will now be a more detailed definition of the mineralised zones.

Northland said the revised Tembo deal is good news for Stratex, with Tembo having the potential to add significant value through resource definition drilling. The broker maintains its buy rating and price target of 12.8p.

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