JOHANNESBURG (miningweekly.com) – Aim-listed Stratex International has conditionally agreed to acquire up to 33.4% of Aim-listed gold exploration company GoldStone Resources for a consideration of £1.25-million.

Stratex said in a statement on Monday that it would buy 20.83-million shares in GoldStone at 0.6p a share, which represented a discount of 4.7% from the current GoldStone price of 0.63p, along with matching warrants, which if exercised could increase Stratex’s shareholding in GoldStone to 50.1%.

"The forging of an alliance with Stratex not only delivers funding at a critical time to advance GoldStone's attractive projects, but also leads to GoldStone gaining an experienced and well-funded shareholder with a proven record of turning small- to medium-sized gold assets into cash generating enterprises. 

“By becoming a major shareholder and gaining a significant presence at board level, Stratex shows commitment to unlock the synergies offered by both companies’ resources,” GoldStone CEO Jurie Wessels commented.

Following the transaction, GoldStone’s management would be restructured to give Stratex two of five board seats and the right to nominate a new independent nonexecutive director.

Meanwhile, Stratex chairperson Christopher Hall said the transaction would further the company’s stated strategy of investing in high-quality opportunities to accelerate exploration progress.

“We believe the combination of GoldStone's assets, particularly the advanced Homase-Akrokeri property, in Ghana, with the financial and technical strengths of Stratex will be a win-win for both companies.

“The proper development of all GoldStone's exploration properties has been held back by a lack of resources, resulting from the continuing poor market for exploration funding. We look forward to working with GoldStone's capable management team to finalise and undertake tightly-focused programmes designed to add maximum value at minimum cost,” Hall said.

He added that the company was particularly pleased to have found a company with an existing resource that could be used to demonstrate real economic value in a shorter timeframe than from conventional grassroots exploration.

“There will undoubtedly be some synergies in Senegal where, in spite of the recent withdrawal by Randgold from the Sangola project, because it did not offer a fast, clear route to their three-million ounces at 3 g/t target, we believe there is still significant unexplored potential,” Hall stated.

GoldStone noted that ASX-listed Unity Mining, which held 29.5% of the company’s issued share capital, had already undertaken to vote in favour of the transaction.