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Stratex International: Tembo Gold completes C$1.39mln placing

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Stratex International (LON:STI) says Canada-listed Tembo Gold (CSV:TEM), in which it is investing, has completed the second tranche of a placing to raise C$1.39mln.

The first tranche, raised by a consortium that included Stratex, closed earlier this month, raising C$5.95mln for the Tanzania-based gold explorer.

Tembo will use the money for exploration on its package of 100 square kilometres of licences and applications in Tanzania, adjacent to Barrick's Bulyanhulu Mine.

Stratex now has 17.5mln Tembo shares at C$0.10 per share, which represents around 14.23% of Tembo's share capital prior to dilution from warrants.

Stratex's holding could increase to 24.92% on exercise of its matching warrants.

Each warrant can be exercised for one common share in Tembo until Dec 2, 2016, at a price of C$0.12 each.

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