TIDMGRL
RNS Number : 0916O
Goldstone Resources Ltd
27 January 2023
27 January 2023
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Issue of GBP2,400,000 Convertible Loan Note and 60,000,000
Warrants
GoldStone Resources Limited (AIM: GRL), the AIM quoted company,
announces that it has issued convertible loan notes to Blue Gold
International Limited ("BGL" or "Blue Gold") in the nominal amount
of GBP2,400,000 (the "Loan Notes") which are due for redemption on
30 November 2024. At the election of BGL, the Loan Notes (together
with accrued interest to date) may be converted (in whole or in
part) at any time prior to redemption into new ordinary shares of 1
penny each in the capital of the Company ("Ordinary Shares") at a
conversion price of GBP0.0325 per share.
BGL has also received warrants to subscribe for up to 60,000,000
Ordinary Shares at a price of GBP0.04 per share exercisable at any
time until 26 January 2025 (the "Warrants").
The directors of the Company ("Directors" or "Board") are
mindful of the need to expand the Company's Homase Mine which
produced and sold 5,153 troy ounces of gold in 2022, realising an
average price of US$1,794 per oz for revenues of US$9.3m, as
announced on 3 January 2023. Expansion will seek to increase
production and improvement of the recovery of the heap leach
operation, which is currently yielding 65% of the contained gold
delivered to the heap. The proceeds from the Loan Notes will also
contribute towards the purchase of plant and equipment to assist in
reducing the operating costs of the operation. The Company is
reviewing an exploration programme along strike and down dip of the
current JORC resource, as well as exploring the anomalies that were
identified, referred to in the 24 March 2022 announcement, with the
soil sampling and auguring programme. In addition, the company is
continuing with the ongoing exploration programme at Akrokeri
Underground Mine.
Summary terms of the Loan Notes
-- Issue of GBP2,400,000 unsecured convertible loan notes due
for redemption on 30 November 2024.
-- The Loan Notes are denominated in units of GBP10,000, are
unsecured and will attract interest at a rate of 8 per cent per
annum, compounded daily until redemption or conversion.
-- The Loan Notes, including accrued interest, are convertible
at any time prior to cash redemption, at the holder's election,
into new Ordinary Shares at a price of GBP0.0325 per Ordinary Share
(the "Conversion Shares").
-- BGL shall also receive Warrants to subscribe for up to
60,000,000 new Ordinary Shares at a price of 4 pence per Ordinary
Share at any time during the 2-year period following the grant
date.
-- Pursuant to the Loan Note agreement, BGL has the right to
appoint a non-executive director to the Board, subject, inter alia,
to the consent of the Company's Nominated Adviser with respect to
suitability.
Blue Gold Limited
Blue Gold is a subsidiary of Blue International Holdings
Limited. Blue Gold acquired the gold producing Bogoso Prestea Gold
Mine in the Ashanti gold belt in Ghana in September 2020. Blue Gold
owns 90% of the Project, with the Government of Ghana holding the
remaining 10% interest. Bogoso Prestea has one of the largest
mining concessions in Ghana, with an 82 kilometre gold strike
within the Ashanti gold belt.
Emma Priestley, CEO of GoldStone, commented:
"Blue Gold shares our vision for the expansion of the Homase
Mine and the potential development of the Homase-Akrokeri Project
in Ghana. In what remains a challenging market for the natural
resources sector, we welcome and value the support of Blue Gold,
who we believe will assist the company in this business venture,
and in making significant progress in Ghana."
**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
St Brides Partners Ltd Tel: +44 (0)20 7236 1177
Susie Geliher / Max Bennett
Notes to editor:
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).
- END -
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END
IOEBRMRTMTITMAJ
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January 27, 2023 03:00 ET (08:00 GMT)
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