REG - Goldstone Resources - Exercise of Warrants and Issue of Shares

Goldstone ResourcesAnnouncement

08/07/2022 07:00

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RNS Number : 7660R  Goldstone Resources Ltd  08 July 2022

8 July 2022

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Exercise of Warrants and Issue of Shares

 

GoldStone Resources Limited (AIM: GRL) announces the exercise of, in
aggregate, 6,000,000 warrants by Nguvu Holdings Limited ("Nguvu"), to
subscribe for new ordinary shares of 1 penny each in the capital of the
Company ("Ordinary Shares") at a price of 3 pence per Ordinary Share (the
"Warrant Exercise"). The Warrant Exercise provides £180,000 of additional
funding to the Company.

 

Bond Settlement

The Company has also received the signed Bond Settlement Agreement from Nguvu,
announced 12 July 2021, for which it will be allotted 3,600,000 new Ordinary
Shares (the "Bond Settlement Shares"). Following the Warrant Exercise and the
issue of the Bond Settlement Shares, Nguvu will hold 59,600,000 Ordinary
Shares, representing approximately 12.3 per cent. of the Company's issued
share capital.

 

Related Party Transaction

Nguvu currently holds 50,000,000 Ordinary Shares in the Company. Angela List
is a director of the Company and a director of and shareholder in Nguvu.
Accordingly, the Bond Settlement Agreement, as detailed above, constitutes a
related party transaction pursuant to Rule 13 of the AIM Rules. The Board of
Goldstone (excluding Mrs Angela List) considers, having consulted with the
Company's nominated adviser, Strand Hanson Limited, that the terms and
conditions of the [Bond Settlement Agreement] are fair and reasonable insofar
as the shareholders of the Company are concerned.

 

Admission and Total Voting Rights

The 9,600,000 new Ordinary Shares to be issued to pursuant to the Warrant
Exercise and Bond Settlement Agreement 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 or around 13 July 2022.

 

Upon Admission, the Company's issued ordinary share capital will consist of
482,633,996 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 482,633,996. 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.

 

 

 

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

 

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.

 

About GoldStone Resources Limited

 

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

 

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 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.  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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