Stratex International Plc sold a 13.7% stake in GoldStone Resources Ltd. to institutional investors at 1.6 British pence per share for a total of £550,000, which will be used for general corporate purposes.
The company's share was diluted to 13.74% from 22.97% after a £1.5 million capital raising from GoldStone in late September.
Stratex said Oct. 17 that it now holds an interest in GoldStone "below what is considered meaningful."
For the year that ended Dec. 31, 2016, Stratex recognized a loss of £790,000 before tax and noncontrolling interests on GoldStone's operations.
Meanwhile, Emma Priestley resigned as a nonexecutive director of Stratex, effective the same day, due to her full-time role as CEO and director of GoldStone.
Stratex acquired a 33.4% stake in GoldStone in November 2014.