REG - Goldstone Resources - Interim Results
30 September 2020
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Interim Results for the six months ended 30 June 2020
GoldStone Resources Limited (AIM: GRL), the AIM quoted company focused on gold in West and Central Africa, announces its unaudited interim results for the six-month period ended 30 June 2020.
Overview
· Continued advancement of the Akrokeri-Homase Gold Project ("AKHM") in the highly prospective Ashanti Region of Ghana
· Formal approval by the Ghanaian Ministry of Lands and Natural Resources of a 10 year mining lease on Akrokeri and Homase Licences, an important step in the Company's goal of bringing AKHM into production, expected before year end
· A total of US$4.3 million raised during the period, to finance the commencement of production at Homsa South within AKHM
· Net assets increased to US$9.9 million (31 December 2019: US$6.9 million)
Post Period
· Formal approval received from the Ghanaian Ministry of Mines for the transfer of the Homase prospecting licence to GoldStone Akrokeri Limited, GoldStone's wholly owned Ghanaian subsidiary
· Definitive Economic Plan extended and updated to bring in line with current gold prices and a reduction of initial CAPEX, with the combined effect of increasing the estimated project NPV to US$34.5 million
· Continue to work closely with the Ghanaian Minerals Commission and the Environmental Protection Authority to finalise the necessary permits, including the environmental permit, so that on receipt of all relevant permits, mining operations can immediately commence
For further information, please contact:
GoldStone Resources Limited Tel: +44 (0)7867 785 177 / +233 (0)55 581 8855
Emma Priestley
Strand Hanson Limited
Richard Tulloch / James Bellman Tel: +44 (0)20 7409 3494
SI Capital Limited Tel: +44 (0)1483 413 500
Nick Emerson
This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) ("MAR").
Chairman's Statement
Our transition towards advancing the Akrokeri-Homase Gold Project ("AKHM") to become a gold producer remains Goldstone's priority and significant progress was made in this regard during H1 2020.
A major development during the period H1 2020, was the formal approval, by the Ghanaian Ministry of Lands and Natural Resources ("MLNR"), of a 10 year mining lease on the Akrokeri and Homase licences, for the Homase South Pit and land for the associated plant and processing operations. This lease may be renewed and/or extended to include additional pits along the Homase Trend and the Company is pleased to report that the Ghanaian Minerals Commission has encouraged the Company to expand the lease to encompass the proposed Homase Central and North Pits along the Homase Trend and the Company is in the process of submitting such an application.
The second critical element required to move forward and into production was securing the requisite financing, and we were delighted to announce in March 2020 that the Company has raised US$4.3 million, gross, of funding to bring AKHM into production. US$1.3 million of this funding was by way of unsecured bond notes to certain new and existing investors (including major strategic investors Paracale Gold Limited ("Paracale") and BCM Investments Limited ("BCM")) (the "Bonds") with the remaining US$3.0 million by way of a gold loan of up to 2,000 troy ounces from Asian Investment Management Services Ltd ("AIMS") (the "Gold Loan"). To date the Company has drawn down the Bond Notes in full and has received, in aggregate, US$2.775 million under the Gold Loan. This funding has allowed the Company to invest in the necessary plant and equipment so that the Company is ready to commence operations immediately upon the award of the requisite permits.
The Company is awaiting the issue of certain permits, including the environmental permit, which are in the process of being finalised. On receipt of the permits, the Company will be able to immediately commence production and the Board continues to believe that it will be able to achieve first gold production before the year end.
Post the period end, we have also received the formal approval from the Ghanaian Ministry of Mines for the transfer of the Homase prospecting licence from Cherry Hill Mining Limited ("Cherry Hill") to GoldStone Akrokeri Limited ("GAL"), GoldStone's wholly owned Ghanaian subsidiary.
This transfer instigated the Company to evaluate the potential for increasing the mineable resource at depth at the Homase South Pit, and to this end an RC drilling programme was completed in August 2020 with 22 holes for 2,443 metres. We are awaiting the assay results from the laboratory, though they have delayed due to the current COVID 19 restrictions on businesses in Ghana.
The Company is also considering an additional drilling programme within the Homase Trend, extending approximately 2,000 metres northwards from the historic Homase Main Pit, encompassing the proposed Homase Central and North Pits, being the other two open pits defined in the Definitive Economic Plan ("DEP") for AKHM announced in June 2019. The intention is to seek to further define and extend the mineable resource down to a vertical depth of 60 metres, currently defined to a depth of 30 metres, for all three proposed pits, to further enhance the already attractive fundamentals which we believe are achievable at AKHM.
Post the period end, the Company announced, on 17 July 2020, that it had updated the financial model utilised for the DEP, to bring it in line with the then current gold price of approximately US$1,800/oz (versus US$1,300/oz used in the initial DEP) and to capture a reduced initial CAPEX of US$3.0 million (versus US$6.9 million in the DEP). This reduced initial CAPEX approach enables the Company to achieve first production within the timetable envisaged in the DEP whilst deferring certain elements of the project (including the elution plant, electrowinning and Gold Room), such that they can be funded from production cashflows. The combined effect of an increase in the gold price and the reduction in initial capital outlay is estimated by the Board to increase the originally estimated project NPV from US$19.5 million to US$34.5 million and the IRR from 143% to 382% (at a 10% discount rate and excluding financing costs).
Clearly these are truly exceptional potential returns for Goldstone, which further underpin the value of our AKHM project. It is with this in mind that I look forward to reporting further news in due course as we look to finalise the environmental permit and move towards first gold.
Once again, I would like to take this opportunity to thank the whole GoldStone team and our partners, and of course our shareholders for their continued support.
William (Bill) Trew
Non Executive Chairman
Chief Executive Officer's Report
Operational Update
H1 2020 has seen further crucial elements come together, as we look to realise our ambition of becoming a West African focussed gold producer.
As shareholders will be aware, our immediate target for mining is the Homase South Pit, the first of the three open pits planned to be brought into production as detailed in the AKHM DEP. The Homase South Pit extends 1,500 metres southwards from the historic Homase Main Pit, see Figure 1, which produced 52,500 oz gold at an average grade of 2.5g/t Au in 2002/03 by AngloGold Ashanti.
As previously reported, it is over the Homase South Pit that we have been issued with a 10 year mining lease, and land for the plant and process operation, by the MLNR. Whilst the lease initially only relates to the Homase South Pit, the DEP has been approved by the relevant authorities in Ghana in its entirety and the lease can therefore be renewed and/or extended to include additional pits along the Homase Trend as the Company's production plans advance. Having now received the formal approval from the Ministry of Mines for the transfer of the Homase prospecting licence from Cherry Hill to GAL, GoldStone's wholly owned Ghanaian subsidiary, the Ghanaian Minerals Commission encouraged the Company to expand its mining lease area. The Company is in the process of submitting an application to expand the area included in the mining lease to include the Central and North pits along the Homase Trend.
The Company continues to work closely with the Ghanaian Minerals Commission and the Environmental Protection Authority to finalise the necessary permits, including the environmental permit. Following securing the funding to bring Homase South into production, the Company has invested in the plant and equipment, the land and crop compensation, and the identification of contractors to undertake the mining, so that on receipt of the relevant permits, the Company will be able to immediately commence mining operations at the Homase South Pit, utilising contract mining, and construct the heap leach plant. The Company will be managing and implementing the plant construction and building the heap leach pads itself.
In parallel with the activities the Company has undertaken to progress towards first gold at the Homase South Pit, the team have also completed a resource expansion programme to further define and extend the mineable resource down-dip at Homase South to a vertical depth of approximately 60 metres and is currently awaiting the results from the drilling. As defined in the DEP, the Homase South Pit is currently targeting the oxide resource to a vertical depth of 30 metres. The programme seeks to build on previous drilling completed by Goldstone in 2011-2012, which defined the Company's existing JORC resource, and which indicated increased grades in this area of 1.4g/t to 2.5g/t below the weathered zone of 30 metres.
The Company is also considering an additional drilling programme within the Homase Trend, extending northwards, by approximately 2,000 metres from the historic Homase Main Pit, encompassing the proposed Homase Central and North Pits, being the other two open pits defined in the DEP, see Figure 1, and the former exploration pit, to the same depth of 60 metres, to seek to further increase the mineable resource defined within the DEP.
Figure 1: Location of the proposed mines
http://www.rns-pdf.londonstockexchange.com/rns/5064A_1-2020-9-29.pdf
Aside from our activities on the Homase Trend, being the initial area of intended mining, work continues to re-open the historic Akrokeri Mine, our developments are focused on re-accessing the old workings at the mine, and the company intends to commence a drilling programme to start to define a resource associated with the Akrokeri mineralisation with the intention of bringing the Akrokeri mine back into production.
Corporate & Financial Overview
In March 2020, the Company announced that it had secured funding of up to US$4.3 million to support GoldStone commencing production at AKHM and which was completed in June 2020, with the finalisation of the Gold Loan. The key terms of the funding are set out below:
· Issue of twenty six 14% unsecured bond notes of US$50,000 each to certain existing and new investors, to raise, in aggregate, US$1.3 million (c.£1.0 million) (the "Bonds") before expenses
- Paracale Gold and BCM each subscribed for Bonds with a value of US$0.3 million respectively
- 52 million warrants, exercisable at 3 pence per ordinary share of 1 penny each in the Company ("Ordinary Share") (the "Exercise Price"), issued to the Bond subscribers
- Commission of 3% paid to Bond holders
· Issue of 14% secured gold loan of up to 2,000 troy ounces of gold at a price of US$1,500 per troy ounce, equating to a value of US$3.0 million (c.£2.4 million) before expenses to AIMS
- 200 troy ounces (US$300,000) was drawn in March 2020
- 500 troy ounces (US$750,000) was drawn in June 2020
- 1,150 troy ounces (US$1,725,000) drawn post the period end
- 120 million warrants, exercisable at 3 pence per ordinary share of 1 penny each in the Company ("Ordinary Share") (the "Exercise Price"), issued to AIMS
Losses for the six months to 30 June 2020 were approximately US$0.3 million (30 June 2019: Loss of US$0.3 million). The financial statements at the period end show the Group's balance sheet, with net assets standing at US$9.9 million against net assets of US$6.9 million as at 31 December 2019. The net assets increased as result of the funding secured during the period, with the warrants issued in respect of the Bonds and Gold Loan, resulting in an increase in the share option reserve of US$3.3 million.
Having secured funding of US$4.3 million during the H1 2020, of which US$2.4 million had been drawn down to fund the purchase of equipment and general working capital, the Company had cash and cash equivalents of approximately US$0.5 million as at 30 June 2020 (30 June 2019: US$0.1 million). Following the period end, the Company has drawn down a further US$1.725 million and following the purchase of plant and equipment ahead of commencing mining operations, the Company currently has cash and cash equivalents of approximately US$0.9 million as at 25 September 2020, with a further US$0.225 million still available to be draw down under the Gold Loan.
As announced on 26 March 2020, agreement was reached with Cherry Hill, pursuant to which Cherry Hill relinquished its remaining 10% interest in the Homase prosecting licence in exchange for a 2% royalty of gold sales generated, less all costs and taxes and duties in accordance with the joint venture agreement. Post the period end and following approval from the Ghanaian Ministry of Mines, this licence has now been transferred to GAL.
Other
Following a claim against the Company, brought by a former director (initially announced on 13 October 2016), it was further announced in December 2018 that the South African Labour Court had ruled in favour of the former director and awarded him damages of US$140,000 plus interest and legal costs. The Company reserves its position, though has made provision for this in the financial statements and in October 2019 agreed temporary payment terms with further settlement discussions ongoing following advice from the Company's lawyer.
Following an administrative error in 2019 that led to the Company's Jersey registration being dissolved, trading in GoldStone's Ordinary Share on AIM was temporary suspended in April 2020. The Company was restored to the Jersey Registrar of Companies on 11 June 2020, with the dissolution of the Company having been voided, by the Royal Court of Jersey, which has the effect of the dissolution effectively never having taken place, enabling the resumption of trading in the Company's shares on AIM.
Outlook
We have made significant progress over recent months, having been awarded the mining lease and securing the requisite funding, and, despite some delays relating to the issue of the environmental permit, we are now in a position to immediately commence mining operations on its award.
I look forward to keeping shareholders updated as we move towards production and would like to thank the team, my fellow Board members and all of our stakeholders in Ghana and internationally for their continued support.
Emma Priestley
Chief Executive Officer
Consolidated statement of financial position
as at 30 June 2020
in united states dollars
notes
30 June
2020
30 June
2019
31 December
2019
unaudited
unaudited
audited
Assets
property, plant and equipment
407,198
29,822
24,314
intangible assets - exploration and evaluation
6
9,927,752
8,070,448
8,256,380
total non-current assets
10,334,950
8,100,270
8,280,694
trade and other receivables
7
3,380,488
196,494
162,864
cash and cash equivalents
505,462
136,748
90,128
total current assets
3,885,950
333,242
252,992
total assets
14,220,900
8,433,512
8,533,686
Equity
share capital - ordinary shares
3,484,580
3,480,430
3,484,580
share capital - deferred shares
6,077,013
6,077,013
6,077,013
share premium
27,222,084
27,219,262
27,222,084
foreign exchange reserve
(70,114)
-
(52,061)
capital contribution reserve
555,110
555,110
555,110
share options reserve
7
3,535,197
229,688
229,688
accumulated deficit
(30,916,914)
(30,259,987)
(30,624,816)
total equity
9,886,956
7,301,516
6,891,598
Liabilities
borrowings
7
2,368,992
781,523
1,168,997
non-current liabilities
2,368,992
781,523
1,168,997
trade and other payables
664,952
350,473
473,091
borrowings
7
1,300,000
-
-
current liabilities
1,964,952
350,473
473,091
total liabilities
4,333,944
1,131,996
1,642,088
total equity and liabilities
14,220,900
8,433,512
8,533,686
Consolidated statement of comprehensive income
for the 6 months ended 30 June 2020
in united states dollars
notes
6 months ended
30 June 2020
6 months ended
30 June 2019
year ended
31 December
2019
unaudited
unaudited
audited
continuing operations
administrative expenses
(266,156)
(276,071)
(542,559)
operating loss
(266,156)
(276,071)
(542,559)
finance income
-
6
-
finance expense
(25,942)
(13,886)
(112,221)
net finance cost
(25,942)
(13,880)
(112,221)
loss before and after tax from continuing operations
5
(292,098)
(289,951)
(654,780)
Items that may be reclassified subsequently to profit and loss:
foreign exchange translation movement
(18,053)
-
(52,061)
total comprehensive loss for the period
(310,151)
(289,951)
(706,841)
loss per share from operations
basic and diluted earnings per share attributable to the equity holders of the company during the period (expressed in cent per share)
4
(0.001)
(0.001)
(0.003)
Consolidated statement of changes in equity
for the 6 months ended 30 June 2020
in united states dollars
share capital
ordinary shares
share capital
deferred shares
share premium
Foreign exchange reserve
capital contribution reserve
share options reserve
accumulated deficit
total equity
balance as at 1 January 2019
3,480,430
6,077,013
27,219,262
-
555,110
229,688
(29,970,036)
7,591,467
total comprehensive loss for the period
-
-
-
-
-
-
(289,951)
(289,951)
balance as at 30 June 2019
3,480,430
6,077,013
27,219,262
-
555,110
229,688
(30,259,987)
7,301,516
total loss for the period
-
-
-
-
-
-
(364,829)
(364,829)
translation movement
-
-
-
(52,061)
-
-
-
(52,061)
total comprehensive loss for the period
-
-
-
(52,061)
-
-
(364,829)
(416,890)
issue of ordinary shares
4,150
-
2,822
-
-
-
-
6,972
balance as at 31 December 2019
3,484,580
6,077,013
27,222,084
(52,061)
555,110
229,688
(30,624,816)
6,891,598
total loss for the period
-
-
-
-
-
-
(292,098)
(292,098)
translation movement
-
-
-
(18,053)
-
-
-
(18,053)
total comprehensive loss for the period
-
-
-
(18,053)
-
-
(292,098)
(310,151)
share warrants granted in the period
-
-
-
-
-
3,305,509
-
3,305,509
balance as at 30 June 2020
3,484,580
6,077,013
27,222,084
(70,114)
555,110
3,535,197
(30,916,914)
9,886,956
Consolidated statement of cash flow
for the 6 months ended 30 June 2020
in united states dollars
6 months ended
30 June
2020
6 months
ended
30 June
2019
year ended
31 December
2019
unaudited
unaudited
audited
cash flow from operating activities
operating loss for the period/year
(266,156)
(289,951)
(542,559)
adjusted for:
- depreciation
5,152
5,632
11,140
- finance income
-
(6)
-
- finance expense
-
13,886
-
- non settlement of directors' fees
-
-
6,972
- foreign exchange differences
(18,053)
-
(52,061)
changes in working capital:
- trade and other receivables
(125,006)
33,194
-
- trade and other payables
215,914
(106,391)
15,827
net cash used in operating activities
(188,149)
(343,636)
(560,681)
cash flow from investing activities
finance income
-
6
-
capitalisation of exploration costs
(1,458,481)
(300,727)
(486,659)
acquisition of property, plant and equipment
(388,036)
-
-
net cash used in investing activities
(1,846,517)
(300,721)
(486,659)
cash flow from financing activities
proceeds from loan
1,150,000
443,637
800,000
proceeds from bonds
1,300,000
net cash received from financing activities
2,450,000
443,637
800,000
net decrease in cash and cash equivalents
415,334
(200,720)
(247,340)
cash and cash equivalents at beginning of the period/year
90,128
337,468
337,468
cash and cash equivalents at end of the period/year
505,462
136,748
90,128
Notes to the unaudited consolidated financial statement
1. General information
The financial statements present the consolidated results of the Company and its subsidiaries (the "Group") for each of the periods ending 30 June 2020, 30 June 2019 and 31 December 2019.
As permitted, the Group has chosen not to adopt International Accounting Standard 34 'Interim Financial Reporting' in preparing these interim financial statements. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The unaudited interim financial information set out above does not constitute statutory accounts. The information has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Except as described below, the accounting policies applied in preparing the interim financial information are consistent with those that have been adopted in the Group's 2019 audited financial statements. Statutory financial statements for the year ended 31 December 2019 were approved by the Board of Directors on 29 June 2020 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. The Directors approved these unaudited condensed interim financial statements on 29 September 2020.
There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year commencing 1 January 2020 that would be expected to have a material impact on the Group.
The financial information for the 6 months ended 30 June 2020 and the 6 months ended 30 June 2019 have not been audited.
The business is not subject to seasonal variations. No dividends have been paid in the period (2019: US$ Nil).
2. Risks and uncertainties
The key risks that could affect the Group's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2019 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.goldstoneresources.com. The Group's key financial risks are the availability of adequate funding and foreign exchange movements.
3. Critical accounting estimates and judgements
The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 2(d) of the Group's 2019 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period. The unaudited condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the measurement of certain investments at fair value.
4. Earnings per share
in united states dollars
6 months ended
30 June
2020
6 months ended
30 June
2019
year ended
31 December
2019
unaudited
unaudited
Audited
loss attributable to shareholders
(292,098)
(289,951)
(654,780)
weighted average number of ordinary shares
250,050,253
249,707,991
249,846,584
basic and diluted earnings per share
(0.001)
(0.001)
(0.003)
5. Operating segments
The Group has two reportable segments, exploration and corporate, which are the Group's strategic divisions. For each of the strategic divisions, the Group's CEO, deemed to be the Chief Operating Decision Maker ("CODM"), reviews internal management reports on at least a monthly basis. The Group's reportable segments are:
Exploration and Evaluation: the exploration operating segment is presented as an aggregation of the Homase and Akrokeri licences (Ghana). Expenditure on exploration activities for each licence is used to measure agreed upon expenditure targets for each licence to ensure the licence clauses are met.
Corporate: the corporate segment includes the holding company costs in respect of managing the Group. There are varying levels of integration between the corporate segment and the combined exploration activities, which include resources spent and accounted for as corporate expenses that relate to furthering the exploration activities of individual licences.
information about reportable segments for the year ended 31 December 2019
in united states dollars
exploration
corporate
total
reportable segment expenditure
-
(654,780)
(654,780)
reportable segment (loss)
-
(654,780)
(654,780)
reportable segment assets
8,321,000
212,686
8,533,686
reportable segment liabilities
(32,314)
(1,609,774)
(1,642,088)
information about reportable segments for the period ended 30 June 2019
in united states dollars
exploration
corporate
total
reportable segment expenditure
-
(289,951)
(289,951)
reportable segment (loss)
-
(289,951)
(289,951)
reportable segment assets
8,141,994
291,518
8,433,512
reportable segment liabilities
(123,071)
(1,008,925)
(1,131,996)
information about reportable segments for the period ended 30 June 2020
in united states dollars
exploration
corporate
total
reportable segment expenditure
-
(292,098)
(292,098)
reportable segment (loss)
-
(292,098)
(292,098)
reportable segment assets
10,601,550
3,619,350
14,220,900
reportable segment liabilities
(36,130)
(4,297,814)
(4,333,944)
6. Intangible assets - exploration and evaluation
The Group's intangible assets comprise wholly of exploration and evaluation assets in respect of the Homase-Akrokeri project in Ghana.
in united states dollars
Total
balance as at 31 December 2018
7,769,721
Additions
300,727
balance as at 30 June 2019
8,070,448
Additions
185,932
balance as at 31 December 2019
8,256,380
additions
1,671,372
balance as at 30 June 2020
9,927,752
7. Borrowings
in united states dollars
6 months ended
30 June
2020
6 months ended
30 June
2019
year ended
31 December
2019
unaudited
unaudited
Audited
shareholder loan
1,306,507
781,523
1,168,997
gold loan
1,062,485
-
-
non-current borrowings
2,368,992
781,523
1,168,997
bonds
1,300,000
-
-
current borrowings
1,300,000
-
-
total borrowings
3,668,992
781,523
1,168,997
Shareholder loan
The Company entered into a loan agreement with Paracale Gold Limited ("Paracale"), the Company's major shareholder, in December 2018, for a loan of up to US$1.2 million.
The loan accrues interest at 6.0% per annum, compounded daily against the loan's outstanding balance, until it is repaid. The total balance has been fully drawn as at 30 June 2020. The loan will be repaid in full on or before 2 June 2022.
In consideration of entering into the loan agreement, Paracale, were issued with 40,352,377 warrants to subscribe for such number of ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares") at an exercise price of 1.2p per share, at any time during the period through to 2 June 2022.
Gold Loan
The Company entered into a loan agreement with Asian Investment Management Services Limited ("AIMS") in June 2020, for a gold loan of up to 2,000 troy ounces of gold at a price of US$1,500 per troy ounce, equating to a value of US$3.0 million before expenses. An upfront payment of 200 troy ounces (US$300,000) was drawn in March 2020 with a further 500 troy ounces (US$750,000) drawn in June 2020 upon finalisation of the agreement. A further 1,150 troy ounces (US$1,725,000) has been drawn post the period end with a further 150 troy ounces (US$225,000) available to be drawn.
The Gold Loan accrues interest at 14.0% per annum, compounded daily against the loan's outstanding balance, until it is repaid. The Gold Loan will be repaid in full on or before 19 September 2021.
In consideration of entering into the loan agreement, AIMS were issued with 120,000,000 warrants to subscribe for such number of Ordinary Shares at an exercise price of 3.0p per share (the "Exercise Price"), at any time during the period through to 22 June 2022. This resulted in an increase in the share option reserve and other receivables of US$2.9 million in the period.
Bonds
The Company issued twenty six unsecured bond notes of US$50,000 each to certain existing and new investors, raising, in aggregate, US$1.3 million before expenses. Paracale Gold and BCM, the Company's major shareholders, each subscribed for six bonds with a value of, in aggregate, US$0.3 million respectively.
In consideration of entering into the Bonds, a total of 52,000,000 warrants were issued to subscribe for such number of Ordinary Shares at the Exercise Price, at any time during the period through to 22 June 2022. This led to an increase in the share option reserve and other receivables of US$371k in the period.
8. Availability of interim report
The interim report is available on the Company's website www.goldstoneresources.com.
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AnnouncementREG - Goldstone Resources - Final Results
AnnouncementREG - Goldstone Resources - Interim Results
AnnouncementREG - Goldstone Resources - Conditional Fundraising and Notice of AGM
Announcement