Stratex rebrands following boardroom shakeup

AIM-quoted gold exploration and development company Stratex International will change its name to Oriole Resources in order to better reflect its repositioning following the appointment of its new chief executive and financial officers.

Stratex, which added new chief executive Tim Livesey and chief financial officer Bob Smeeton earlier in the year, has switched its focus to early-stage exploration and joint-venture partnerships in Africa and Europe, leading it to the change in name.

Tim Livesey, Stratex's chief executive, said: "Since the termination of the Crusader acquisition last year, the company has worked hard to reposition itself in the market and we believe we have made great strides in re-aligning ourselves with our shareholders."

"The change in our non-executive directors and proposed rebrand mark the final stages of this transition, highlighting that we have, over the past eight months, transformed into a very different company," he added.

Elsewhere, Stratex revealed it had also appointed former Amara Mining chief executive John McGloin as its non-executive chairman and mineral geologist David Pelham as a non-executive director, with both appointments set to become effective on 3 September.

As of 0900 BST, Stratex shares had picked up 4.23% to 0.37p.