REG - Goldstone Resources - Gold Loan Update, Issue of Formal Default Notice

Goldstone ResourcesAnnouncement

16/11/2023 07:00

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RNS Number : 6778T  Goldstone Resources Ltd  16 November 2023

16 November 2023

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Gold Loan Update and Issue of Formal Default Notice

 

GoldStone Resources Limited (AIM: GRL) announces, further to its announcement
of 13 November 2023, that the Company has yesterday received a letter from its
principal secured creditor, Asian Investment Management Services Limited (the
"Secured Creditor"), which contains, inter alia, the formal default notice
regarding the outstanding Gold Loan (the "Letter"). As a result, the Company
has 14 business days from the date of the Letter, ending at midnight on 4
December 2023 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 Letter further states that the Secured Creditor's preference is to
cooperate with the Company's board of directors to resolve the matter without
enforcement action being taken and the Board is in ongoing discussions with
the Secured Creditor to achieve such a resolution.

 

The Board continues to take appropriate professional advice and to actively
seek solutions for the repayment of the Gold Loan. As of 15 November 2023, the
Company owes the Secured Creditor 2,398.32 fine gold ounces.

 

In the event that a consensual resolution cannot be agreed with the Secured
Creditor regarding the repayment or rescheduling of the outstanding balance of
the Gold Loan, security over the Company's primary assets may be invoked or
other action taken with regards to the trading position of the Company.

 

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 13
November 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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