REG - Goldstone Resources - Gold Loan Update

Goldstone ResourcesAnnouncement

02/10/2023 07:00

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RNS Number : 3265O  Goldstone Resources Ltd  02 October 2023

2 October 2023

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Gold Loan Update

 

GoldStone Resources Limited (AIM: GRL) is pleased to announce that it has
agreed a short-term extension on the maturity of the gold loan announced on 22
June 2020 with Asia Investment Management Services Limited ("AIMS") (the "Gold
Loan"). The terms of the Gold Loan agreement have been varied as follows:

 

•     the date for repayment of the Gold Loan has been extended to 10
November 2023 (the "Revised Term");

•     interest continues to accrue on the Gold Loan at the non-default
rate of 14% per annum until the date of repayment; and

•     the Company may (but shall not be obliged to) repay any part of
the Gold Loan and/or accrued interest thereon from time-to-time by way of
instalments during the Revised Term.

 

The outstanding principal of the Gold Loan currently stands at  2000  oz, with
accrued interest to date of  269  oz, as at 30 June 2023. A total of  675  oz
( 21  kilos) of gold to date has been paid to AIMs to date in respect of the
Gold Loan.

 

The Board continues to work collaboratively with AIMS towards a longer-term
solution with respect to the Gold Loan and will provide further updates, as
appropriate, in due course.

 

Related Party Transaction

As AIMS is a substantial shareholder in the Company, the Gold Loan extension
represents a related party transaction under the AIM Rules for Companies. The
board of directors of Goldstone, having consulted with the Company's Nominated
Adviser, Strand Hanson Limited, considers that the terms of the transaction
are fair and reasonable insofar as shareholders are concerned.

 

- 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.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, which 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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