REG - Goldstone Resources - Update re Convertible Loan Note

Goldstone ResourcesAnnouncement

02/12/2024 07:00

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RNS Number : 3715O  Goldstone Resources Ltd  02 December 2024

2 December 2024

 

GOLDSTONE RESOURCES LIMITED

("Goldstone" or the "Company")

 

Update re Convertible Loan Note

 

Goldstone Resources Limited (AIM: GRL) announces that the Convertible Loan
Note ("CLN") issued to Blue Gold International Limited ("BGL" or "Blue Gold")
announced on 27 January 2023 was due for redemption on 30 November 2024. The
CLN is unsecured and the total outstanding balance including accrued interest
as at 29 November 2024 was £2.7m. Under the terms of the CLN, the Company has
five business days from the redemption date to make final payment under the
CLN. The Company is in ongoing discussions with the provider of the CLN and
other parties in relation to a potential variation and extension to the terms
of the CLN and will provide a further update in due course.

 

Whilst the Company expects to be able to renegotiate or otherwise refinance
the CLN, there can be no guarantee that this will be achieved. The Board is
taking appropriate professional advice regarding the company's trading
position in the event that a solution cannot be achieved and the final payment
under the CLN cannot be repaid or rescheduled prior to 9 December 2024.

 

 

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.

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