REG - Goldstone Resources - Convertible Loan Notes Update

Goldstone ResourcesAnnouncement

23/12/2024 07:00

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RNS Number : 0901R  Goldstone Resources Ltd  23 December 2024

23 December 2024

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Convertible Loan Notes Update

 

GoldStone Resources Limited (AIM: GRL), is pleased to announce, further to its
announcement of 2 December 2024, an update in respect of the convertible loan
notes issued to Future Global Resources Limited, formerly known as Blue Gold
International Limited ("Blue Gold"), on 26 January 2023 (the "Convertible Loan
Notes").

 

The Company has agreed with Blue Gold and Blue Gold's secured lender,
Devonport Capital Limited ("Devonport"), that the Convertible Loan Notes will
be assigned to Devonport or its affiliate, with the redemption date extended
to 31 January 2025 (the "Redemption Date"). It has further been agreed that
interest on the Convertible Loan Notes will cease to accrue from 20 December
2024.  Upon the earlier of the date of assignment of the Convertible Loan
Notes or the Redemption Date (the "Conversion Date"), the Convertible Loan
Notes and accrued interest thereon will be converted into 85,859,062 new
ordinary shares of 1p each in the Company ("Ordinary Shares") at a price of
3.25p per Ordinary Share (the "Conversion Shares") (the "Conversion
Agreement"). Issue of the Conversion Shares will constitute full and final
redemption of the outstanding principal amount of the Convertible Loan Notes
and all accrued interest thereon, which will amount to £2,790,419.51 on the
Conversion Date.

 

On the Conversion Date, in consideration of the Conversion Agreement, the
Company will issue a further 61,833,246 new Ordinary Shares to Devonport (the
"Consideration Shares"). The Conversion Shares and Consideration Shares amount
to, in aggregate, 147,692,308 new Ordinary Shares (the "Devonport Shares"),
equal to approximately 16 per cent. of the issued share capital of the Company
at the date of this announcement.

 

Upon Admission, the Devonport Shares will rank pari passu with the existing
Ordinary Shares and application will be made for the Devonport Shares to be
admitted to trading on AIM ("Admission") following the Conversion Date.  A
further update will be provided on or prior to the Redemption date to confirm
the issue of, and proposed Admission date for, the Conversion Shares.

 

Total Voting Rights

Upon Admission (and assuming no further Ordinary Shares are issued between now
and the Conversion Date), the Company's issued ordinary share capital will
consist of 900,186,117 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 900,186,117. With
effect from Admission, unless any further issue of Ordinary Shares is
announced before the Conversion Date) 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.

 

For further information, please contact:

 

 GoldStone Resources Limited
 Emma Priestley                     Tel: +44 (0)1534 487 757

 Strand Hanson Limited
 James Dance / James Bellman        Tel: +44 (0)20 7409 3494

 S. P. Angel Corporate Finance LLP
 Ewan Leggat / Charlie Bouverat     Tel: +44 (0)20 3470 0501

 St Brides Partners Ltd

 Susie Geliher                      Tel: +44 (0)20 7236 1177

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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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