REG - Goldstone Resources - Gold Loan Interest Conversion

Goldstone ResourcesAnnouncement

28/03/2025 07:15

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RNS Number : 5957C  Goldstone Resources Ltd  28 March 2025

28 March 2025

 

GOLDSTONE RESOURCES LIMITED

("Goldstone" or the "Company")

 

Gold Loan Interest Conversion

 

Goldstone Resources Limited (AIM: GRL) announces that Asian Investment
Management Services Limited ("AIMSL") has agreed to accept settlement for
247.72 troy ounces of the accrued interest due under the Gold Loan Agreement
entered into on 19 June 2020 ("Gold Loan Agreement") by way of the issue of
49,003,680 new Ordinary Shares (the "Conversion Shares"). Further to the issue
of 52,800,000 Ordinary Shares to AIMSL announced on 23 May 2024, the
Conversion Shares represent the balance of the 101,803,680 conversion shares
intended to be issued to AIMSL in respect of the settlement of interest on the
Gold Loan announced on 10 April 2024.

 

Following and subject to the issue of the Conversion Shares, the outstanding
balance in respect of the Gold Loan and accrued interest will be reduced to
2,266.63 troy ounces, being the principal amount of 1,871.43 troy ounces plus
the remaining accrued and outstanding interest of 395.20 troy ounces, which
will continue to accrue interest at 14%.

 

The Conversion Shares represent approximately 5.2% of the Company's share
capital as enlarged by the issue of the Conversion Shares, which will take
AIMSL to an overall shareholding of 25.7%.

 

Related Party Transaction

As AIMSL is a substantial shareholder of the Company, the issue of the
Conversion Shares is deemed to constitute a related party transaction under
the AIM Rules for Companies. Having consulted with the Company's Nominated
Adviser, Strand Hanson Limited, the directors consider the terms of such
arrangement are fair and reasonable insofar as the Company's shareholders are
concerned.

 

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the Conversion
Shares to be admitted to trading on AIM ("Admission") at 8.00 a.m. on or
around 3 April 2025. The Conversion 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
949,189,797 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 from Admission will be 949,189,797.
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.

 

On Admission, ceteris paribus, AIMSL will hold 243,803,680 Ordinary Shares in
the Company representing approximately 25.7% per cent. of the Company's issued
share capital.

 

 

 

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
                                     Tel: +44 (0)20 7236 1177

 St Brides Partners Ltd

 Susie Geliher

 

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 by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

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