REG - Goldstone Resources - Issue of Options

Goldstone ResourcesAnnouncement

01/08/2024 07:00

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RNS Number : 6847Y  Goldstone Resources Ltd  01 August 2024

`1 August 2024

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Issue of Options

 

GoldStone Resources Limited (AIM:GRL) announces that the Board has approved
the issuance of share options ("Options") to directors and a senior manager of
the Company.

 

The award of the Options represents the first issuance of share options by the
Company since September 2011 and the Board believes that it is essential for
the Company's directors and senior managers to be suitably incentivised to
drive the business forwards and to further align their interests with those of
the Company's shareholders.

 

A total of 56,000,000 Options have been granted, of which: 50% will vest
immediately and are exercisable at a price of £0.02 per ordinary share
("Tranche 1"); 25% will vest when production is greater than 650 oz per month
for three consecutive months and are exercisable at £0.025 per ordinary share
("Tranche 2"); and 25% will vest when all-in sustaining production costs at
the Homase Mine are reduced to US$1,500 per month for three consecutive months
and are exercisable at a price of £0.03 per ordinary share ("Tranche 3").

 

The allocation of the Options to be issued is as presented in the table below:

 

                  Tranche 1   Tranche 2   Tranche 3   Total
 Angela List      3,750,000   1,875,000   1,875,000   7,500,000
 Emma Priestley   8,500,000   4,250,000   4,250,000   17,000,000
 Richard Wilkins  3,750,000   1,875,000   1,875,000   7,500,000
 Orrie Fenn       4,500,000   2,250,000   2,250,000   9,000,000
 Campbell Smyth   3,750,000   1,875,000   1,875,000   7,500,000
 Senior Manager   3,750,000   1,875,000   1,875,000   7,500,000
 Total            28,000,000  14,000,000  14,000,000  56,000,000

 

 

Following the grant of the above Options, the total number of options granted
represents approximately 8.53% of the Company's existing issued share capital,
and there are no other options issued or outstanding.

 

 

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.

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         a) Angela List

                                                                  b) Emma Priestley

                                                                  c) Richard Wilkins

                                                                  d) Orrie Fenn

                                                                  e) Campbell Smyth
 e   Reason for notification
 a.  Position/Status                                              a) Non-Executive Director (Chair)

                                                                  b) Director (CEO)

                                                                  c) Non-executive Director

                                                                  d) Non-executive Director

                                                                  e) Non-executive Director
 b.  Initial notification /Amendment                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Goldstone Resources Limited
 b.  LEI                                                          213800B7ATYRPQUTS551
 4   Details of the transaction(s): section to be repeated for (e) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Options over Ordinary shares of 0.3p each

Identification Code

                                                                  JE00BRJ8YF63
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)                                       Total*

                                                                  a)   7,500,000

                                                                  b)   17,000,000

                                                                  c)   7,500,000

                                                                  d)   9,000,000

                                                                  e)   7,500,000

                                                                  *50% will vest immediately and are exercisable at a price of £0.02 per
                                                                  ordinary share; 25% will vest when production is greater than 650 oz per month
                                                                  for three consecutive months and are exercisable at £0.025 per ordinary
                                                                  share; and 25% will vest when all-in sustaining production costs at the Homase
                                                                  Mine are reduced to US$1,500 per month for three consecutive months and are
                                                                  exercisable at a price of £0.03 per ordinary share

 d.  Aggregated information

     -  Volume*

     -  Price                                                     48,500,000

                                                                  As above

 e.  Date of the transaction                                      31 July 2024
 f.  Place of the transaction                                     Off-exchange

 

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