Stratex proposes £1m placing to fund Cameroon exploration

AIM-quoted gold-focused exploration and development company Stratex has entered into a conditional option agreement with a "well-established" Cameroon-based company with strong in-country technical and logistic support for its two early-stage gold exploration projects in that nation's North, Bibemi and Wapouzé.

Stratex's agreement with Bureau d'Etudes et d'Investigations Géologico-minières, Géotechniques et Géophysiques will see the London-listed firm earn-up to a 90% interest in the projects, starting with an initial 51% stake following a $1.56m investment into the Cameroonian sites.

Stratex can then earn up to a further 39% in the projects for a further $1.56m, or the completion of a pre-feasibility study on one of the projects.

To support the exploration programme, Stratex intends to raise a minimum of £1m via a placing of 250m ordinary shares at an expected price of 0.5p per share, a 19% discount to the firm's 30-day volume weighted average price.

As of 1440 BST, Stratex shares had tumbled 15.57% to 0.55p.