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Stratex International says has received full repayment of loan made to Crusader Resources last year

The AIM-quoted gold exploration and development company - focused on Turkey and Africa – said that, consequently, it has received a total of around A$1.623mln (£885,086)
Dollars
Stratex said the total figure includes 12% compound interest on the original loan amount of A$1.50mln as full settlement

Stratex International PLC (LON:STI) said that it received full repayment of the loan it made to Australian firm Crusader Resources Limited (ASX:CAS) (LON:CAS) last year.

In a statement, the AIM-quoted gold exploration and development company - focused on Turkey and Africa – said that, consequently, it has received a total of around A$1.623mln (£885,086).

READ: Stratex emerges from tumultuous period with new leadership and new direction

The group said the total figure includes 12% compound interest on the original loan amount of A$1.500mln as full settlement in accordance with the terms of the loan.

In afternoon trading, Stratex shares were 12% higher at 0.70p. Crusader Resources shares, which were also floated on AIM last month, held steady at 3p.

In November last year, dissident Stratex shareholders voted down a proposed merger with Aussie-listed Crusader, leading to Marcus Engelbrecht, Stratex’s chief executive stepping down from the junior miner's board

The dissident shareholders, which included two former Stratex directors David Hall and Paul Foord, had been vocal in their criticism of the Crusader merger ever since it was first announced in May 2017.

The share based-deal valued Crusader at £31.1mln (A$54.2mln) and would have seen its shareholders end up with an 81% stake in the enlarged company.

Stratex at that time turned to its former chief executive Bob Foster to take up his old job following the departure of Engelbrecht on an interim basis.

Then at the beginning of March this year, the firm appointed Tim Livesy, a geologist and chairman of Minexia Limited, a mining investment, development and advisory company, as its permanent chief executive.

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