TIDMGRL
RNS Number : 1404J
Goldstone Resources Ltd
18 December 2020
The following amendment has been made to the 'Exercise of
Warrants and Update re Gold Loan' announcement released on 18
December 2020 at 07:01am under RNS No 1399J. The expected date of
Admission is 24 December 2020. All other details remain unchanged.
The full amended text is shown below.
18 December 2020
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Exercise of Warrants and Update re Gold Loan
GoldStone Resources Limited (AIM: GRL), the AIM quoted gold
exploration and development company focused on bringing its
Akrokeri-Homase Gold Project ("AKHM") into production, announces
that it has received notice of exercise of warrants from Asian
Investment Management Services Ltd ("AIMS") to subscribe for a
total of 30,000,000 new ordinary shares of 1 penny each in the
capital of the Company ("Ordinary Shares") (the "New Ordinary
Shares"). The New Ordinary Shares are being issued at an exercise
price of 3 pence per share, for a total subscription to the Company
of GBP900,000, and relate to warrants issued pursuant to the gold
loan provided by AIMS, announced on 22 June 2020. The proceeds of
the warrant exercise will be used for general working capital
purposes.
The New Ordinary Shares will rank pari passu with the existing
Ordinary Shares and application will be made for the New Ordinary
Shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective and dealings in the
New Ordinary Shares will commence at 8.00 a.m. on 24 December
2020.
On Admission, AIMS will hold 30,000,000 Ordinary Shares in the
Company representing approximately 10.65 per cent. of the Company's
then issued share capital and will also hold 90,000,000 warrants to
subscribe for 90,000,000 Ordinary Shares.
Update re AIMS Gold Loan
The Board has decided that, in order to preserve cash within the
Company and in the expectation of commencing gold production in Q1
2021, it will defer payment of the interest due to AIMS on 31
December 2020 pursuant to the gold loan with AIMS announced on 22
June 2020 (the "Gold Loan") to 31 March 2021. Accordingly, the
interest due on the outstanding balance of the Gold Loan will
accrue at a rate of 17 per cent., as opposed to 14 per cent., for
the period from 31 December 2020 to 31 March 2021. AIMS has agreed
by way of deed of variation to the Gold Loan agreement that the
deferment of such interest payment will not trigger an event of
default under the agreement.
Total Voting Rights
Upon Admission, the Company's issued ordinary share capital will
consist of 281,785,967 Ordinary Shares with one voting right each.
The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of Ordinary Shares and voting rights in
the Company will be 281,785,967. With effect from Admission, this
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Changes to Directors' Interests
On Admission, the dilution resulting from the issue of the New
Ordinary Shares has led to the following changes in the interests
of certain Directors of the Company:
% of voting rights
Current holding prior to warrant % of voting
Director / Shareholder of Ordinary Shares exercise rights on Admission
Bill Trew 4,000,000 1.59 1.42
-------------------- ------------------- ---------------------
Paracale Gold Limited* 70,352,377 27.94 24.97
-------------------- ------------------- ---------------------
BCM Investment Limited** 50,000,000 19.86 17.74
-------------------- ------------------- ---------------------
* Bill Trew, the Company's Non-Executive Chairman, is Paracale
Gold Limited's representative on the GoldStone Board and also a
director of and a shareholder in Paracale Gold.
** Angela List, a Non-Executive Director of the Company, is a
director of BCM Investment Limited
For further information, please contact:
GoldStone Resources Limited
Bill Trew / Emma Priestley Tel: +44 (0)1534 487 757
Strand Hanson Limited
Richard Tulloch / James Bellman Tel: +44 (0)20 7409 3494
SI Capital Limited
Nick Emerson Tel: +44 (0)1483 413 500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted gold
exploration and development company.
The Company is focused on developing the Akrokeri-Homase project
in south-western Ghana, which hosts a JORC Code compliant 602,000
oz gold resource at an average grade of 1.77 g/t. The existing
resource is confined to a 4km zone of the Homase Trend, including
Homase North, Homase Pit and Homase South.
The project hosts two former mines, the Akrokeri Ashanti Mine
Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the
early 1900s, and the Homase Pit which AngloGold Ashanti developed
in 2002/03 producing 52,500 oz gold at 2.5 g/t recovered. It is the
Company's intention to build a portfolio of high-quality gold
projects in Ghana, with a particular focus on the highly
prospective Ashanti Gold Belt.
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