REG - Goldstone Resources - Further Gold Loan Update

Goldstone ResourcesAnnouncement

13/11/2023 07:00

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RNS Number : 1687T  Goldstone Resources Ltd  13 November 2023

13 November 2023

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Further Gold Loan Update

 

GoldStone Resources Limited (AIM: GRL) announces, further to its announcements
of 19 September 2023, 2 October 2023 and 31 October 2023, that the secured
Gold Loan (the "Gold Loan") from its principal creditor Asian Investment
Management Services Limited (the "Secured Creditor") has fallen due for
repayment.  As at the time of this announcement, no formal default notice has
been issued. If such a notice is issued, the Company will have 14 business
days to pay the amount due, following which the Secured Creditor will be
entitled to enforce its security on the terms of the pledge agreement dated 19
June 2020, being the date on which the Gold Loan facility was made available
to the Company.

 

The Board continues to seek solutions for the repayment of the Gold Loan and
is in active discussions with the Secured Creditor to renegotiate the
repayment terms of the Gold Loan. There is no guarantee that negotiations with
the Secured Creditor will be successful. The Board continues to take
appropriate professional advice, but in the event that a renegotiation cannot
be achieved and the outstanding principal amount of the Gold Loan and accrued
interest thereon cannot be repaid, security over the Company's primary assets
could be enforced.  As at 30 September 2023, the outstanding principal under
the Gold Loan was 1,871.31 ounces with accrued interest of 477.77 ounces. It
is noted that, as at 30 June 2023, the outstanding principal was 1,871.31
ounces, a correction to the figure announced on 2 October 2023.

 

The Company's Ordinary Shares will remain suspended from trading on AIM until
such time as it has satisfied the requirements of AIM Rule 19 with respect to
publication of its 2022 Accounts and AIM Rule 18 with regard to publication of
its interim results for the six-month period to 30 June 2023, which were
required to be published by 30 September 2023. In the event that both such
accounts cannot be published by 31 December 2023, admission of the Company's
Ordinary Shares to trading on AIM may be cancelled in accordance with the
provisions of AIM Rule 41.

 

The Company will provide a further update(s) in due course as appropriate.

 

Unless otherwise defined herein, all capitalised terms in this announcement
shall have the meanings assigned to them in the Company's announcements of 2
October 2023.

 

 

- ENDS-

 

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
                                     Tel: +44 (0)20 7236 1177

 St Brides Partners Ltd

 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.

 

 

 

 

 

 

 

 

 

 

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