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Stratex makes progress on Goldstone subscription

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Stratex International (LON:STI) said progress had been made with its £1.25mln subscription for shares in GoldStone Resources (LON:GRL).

The latter has announced it will post a circular that outlines the details of the investment and that also proposes a share consolidation and a waiver that allows Stratex to acquire 33.4% of Goldstone without making an offer for the entire company.

Stratex also revealed that Christopher Hall, Bob Foster and Emma Priestley will be appointed to the GoldStone board, with Hall serving as chairman. Jonathan Best, Hendrik Schloemann and Benjamin Hill will resign.

The new funds will allow GoldStone to kick-start work in West Africa. It has five projects range from advanced to early stage exploration in Senegal, Ghana and Gabon.

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