REG - Goldstone Resources - Director Fee Conversions

Goldstone ResourcesAnnouncement

12/10/2022 14:15

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RNS Number : 6857C  Goldstone Resources Ltd  12 October 2022

12 October 2022

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Director Fee Conversions

 

GoldStone Resources Limited (AIM:GRL) in aggregate, 3,753,230 ordinary shares
of 1p each in the Company ("Ordinary Shares") pursuant to the conversion of
accrued Directors fees to 30 June 2022 and an issue of shares to certain
senior managers of the Company.

 

In order to preserve cash within the Company for working capital purposes,
certain of the company Directors have agreed to convert, in aggregate,
USD239,250 of outstanding fees accrued and unpaid to 30 June 2022 into
3,653,230 new Ordinary Shares at a conversion price of 5.9p, being the
mid-market closing price of the Company's Ordinary Shares on 11 October 2022,
the latest practicable date prior to this announcement (the "Fee Conversion
Shares").

 Name             Number of Ordinary Shares Currently Owned  Number of Fee Conversion Shares  Resultant Shareholding in the Company  Percentage of the issued Share Capital of the Company
 Angela List      59,600,000*                                320,660                          59,920,660                             12.08%
 Emma Priestley   2,711,546                                  2,485,112                        5,196,658                              1.05%
 Richard Wilkins                                             320,660                          320,660                                0.06%
 Orrie Fenn                                                  526,798                          526,798                                0.11%

 

* Held by Nguvu Holdings Limited, a company of which Angela List is a director
and shareholder.

In addition to the Fee Conversion Shares, the Company has agreed to issue, in
aggregate, 100,000 new Ordinary Shares to certain senior managers of the
Company ("Senior Management Shares").

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for the Fee Conversion
Shares and Senior Management Shares to be admitted to trading on AIM
("Admission") at 8.00 a.m. on or around 18 October 2022. The Fee Conversion
Shares and Senior Management Shares will be issued as fully paid and will rank
pari passu in all respects with the existing Ordinary Shares, including the
right to receive dividends and other distributions declared on or after the
date on which they are issued.

Upon Admission, the Company's issued ordinary share capital will consist of
496,190,047 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 496,190,047. 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.

Related Party Transactions

The issue of the Fee Conversion Shares to certain directors of the Company is
a related party transaction under AIM Rule 13 of the AIM Rules for Companies.
Bill Trew, the Chairman of the Company and an independent director in respect
of the Fee Conversions Shares, considers, having consulted with the Company's
Nominated Adviser, Strand Hanson Limited, that the terms and conditions of the
Fee Conversion Share issues are fair and reasonable insofar as the
shareholders of the Company are concerned.

 

 

For further information, please contact:

 

 GoldStone Resources Limited
 Bill Trew / 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             Tel: +44 (0)20 7236 1177

 Susie Geliher / Max Bennett

 

 

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development
company with projects in Ghana that range from grassroots exploration to
production.

 

The Company is focused on developing the Akrokeri-Homase project in
south-western Ghana, which hosts a JORC Code compliant 602,000oz 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 Akrokerri 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 52,000 oz
gold at 2.5 g/t recovered.  Production is currently focussed on the Homase
Mine however 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.

 

 

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).

 

 

PDMR Notification Forms

 

Further details of the PDMR dealings are included below. This information has
been provided in accordance with Article 5(1)(b) of the Market Abuse
Regulation (EU) No 596/2014 which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018.

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Emma Priestley
 2.  Reason for the Notification
 a)  Position/status                                              Director of the Company
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Goldstone Resources Limited
 b)  LEI                                                          213800B7ATYRPQUTS551
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
     where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary shares of 1 penny each in the share capital of the Goldstone
                                                                  Resources Limited
     Identification code                                          JE00BRJ8YF63
 b)  Nature of the Transaction                                    Receipt of Ordinary Shares in lieu of director fees
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  £0.0590   2,485,112

 
 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      12 October 2022
 f)  Place of the transaction                                     London Stock Exchange, AIM Market (XLON)

 

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 October 2022

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Richard Wilkins
 2.  Reason for the Notification
 a)  Position/status                                              Director of the Company
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Goldstone Resources Limited
 b)  LEI                                                          213800B7ATYRPQUTS551
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
     where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary shares of 1 penny each in the share capital of the Goldstone
                                                                  Resources Limited
     Identification code                                          JE00BRJ8YF63
 b)  Nature of the Transaction                                    Receipt of Ordinary Shares in lieu of director fees
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  £0.059    320,660

 
 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      12 October 2022
 f)  Place of the transaction                                     London Stock Exchange, AIM Market (XLON)

 

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 October 2022

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Orrie Fenn
 2.  Reason for the Notification
 a)  Position/status                                              Director of the Company
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Goldstone Resources Limited
 b)  LEI                                                          213800B7ATYRPQUTS551
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
     where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary shares of 1 penny each in the share capital of the Goldstone
                                                                  Resources Limited
     Identification code                                          JE00BRJ8YF63
 b)  Nature of the Transaction                                    Receipt of Ordinary Shares in lieu of director fees
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  £0.059    526,798

 
 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      12 October 2022
 f)  Place of the transaction                                     London Stock Exchange, AIM Market (XLON)

 

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 October 2022

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Angela List
 2.  Reason for the Notification
 a)  Position/status                                              Director of the Company
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Goldstone Resources Limited
 b)  LEI                                                          213800B7ATYRPQUTS551
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
     where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Ordinary shares of 1 penny each in the share capital of the Goldstone
                                                                  Resources Limited
     Identification code                                          JE00BRJ8YF63
 b)  Nature of the Transaction                                    Receipt of Ordinary Shares in lieu of director fees
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  £0.059    320,660

 
 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      12 October 2022
 f)  Place of the transaction                                     London Stock Exchange, AIM Market (XLON)

 

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 October 2022

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

 

 

 

 

 

 

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