Stratex would invest up to C$1.66-million in the placement for an initial holding of 10.3% of Tembo, which could increase to 18.7% on exercise of warrants, the company stated, adding that, through a voting pool arrangement, the investor group could control up to 60.5% of Tembo on a fully diluted basis.

Stratex chairperson Christopher Hall said Tembo had built on extensive historic work and artisanal activity with encouraging results from more than 35 000 m of drilling on half a dozen targets; however, it had yet to report a resource.

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment