JOHANNESBURG (miningweekly.com) – Aim-listed gold exploration and development company Stratex has sold its 13.7% stake in Goldstone Resources to institutional investors at a price of 1.6p a share for a total cash consideration of £0.55-million.
“Following the dilution of Stratex's shareholding in Goldstone, resulting from a recent capital raise, the company's ownership has dropped below what is considered meaningful,” the company said in a statement on Tuesday.
The Goldstone investment was equity-accounted with a carrying value of £0.95-million, as at June 30.
For the year ended December 31, 2016, Stratex recognised a loss of £0.79-million, before tax and non-controlling interests, in respect of Goldstone's operations.
Meanwhile, the company noted that nonexecutive director Emma Priestley has resigned.