TSR secures US$1.25 million of new funding from Nurture Ex BV.
February 24, 2016
Thani Stratex Resources Limited (“Thani Stratex” or “TSRL”), has secured US$1.25 million of new funding (net of fees) non-repayable and interest-free convertible loan from Nurture Ex B. V (‘‘Nurture Ex’’). The new funds will allow TSRL to proceed with an initial drill programme on its licence areas in the Republic of Djibouti.
Nurture Ex’s investment will cover 4,000 metres of drilling which is expected to commence in the second quarter of 2016. The drilling will initially focus on the Pandora vein system (“Pandora”). Drilling will also target the new Assaleyta prospect located 16 km to the north of Pandora, where recent work has defined disseminated and vein-hosted gold mineralization in rhyolite domes.
Nurture Ex, has the right to fund a further US$1.25 million (net of fees) for an additional 4,000 metres drilling programme and as a result, its total investment would convert into a 50% interest in TSRL’s wholly-owned local entity, Thani Stratex Djibouti, that holds the concessions. However, if NurtureEx decides not to take up its right for further funding it will have the option to convert its initial investment into TSRL shares at US$2 per share.
Christopher Hall, TSRL director commented: “We are delighted that TSRL has secured this investment which highlights the quality of the Djibouti targets, even in this depressed market. New gold districts, not just new gold projects, are required for the future of the mining industry and TSRL is at the forefront of this exploration with its strategic land package in the Afar Epithermal Province. Success in Djibouti will transform the upside potential for TSRL in the region, where it retains full control of the rest of its highly prospective licences. We look forward to updating the market on its progress in due course.”
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