Goldstone Resources Ltd Settlement of Claim by Former Director (9381L)
18 January 2021 - 6:00PM
UK Regulatory
TIDMGRL
RNS Number : 9381L
Goldstone Resources Ltd
18 January 2021
18 January 2021
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Settlement of Claim by Former Director
GoldStone Resources Limited (AIM: GRL), the AIM quoted gold
exploration and development company focused on bringing its
Akrokeri-Homase Gold Project ("AKHM") into production, announces
that it has reached an agreement with a former director of the
Company, for full and final settlement of damages awarded by the
South African Labour Court (the "Court") in December 2018 (the
"Settlement Agreement"), as announced at such time and most
recently disclosed in the Company's interim results for the
six-month period to 30 June 2020.
Pursuant to the Settlement Agreement, the Company has agreed to
issue 1,800,000 new ordinary shares of 1p each in the Company
("Ordinary Shares") (the "Settlement Shares") to the former
director, which have a value of GBP163,800 (approximately
US$222,768) at the closing middle market price of the Company's
Ordinary Shares on 15 January 2021, which, in addition to US$22,500
already paid in cash, represents full and final settlement of the
damages awarded to him by the South African courts. The Company has
been indemnified against any future claims by the former director
of the Company.
The Settlement Agreement allows Goldstone to retain the majority
of the cash associated with the damages awarded to the former
director of the Company for working capital purposes as it targets
the commencement of production at AKHM.
The Settlement Shares will rank pari passu with the existing
Ordinary Shares and application will be made for the Settlement
Shares to be admitted to trading on AIM ("Admission"). It is
expected that Admission will become effective and dealings in the
Settlement Shares will commence at 8.00 a.m. on 21 January
2021.
Total Voting Rights
Upon Admission, the Company's issued ordinary share capital will
consist of 283,585,967 Ordinary Shares with one voting right each.
The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of Ordinary Shares and voting rights in
the Company will be 283,585,967. With effect from Admission, this
figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
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
SI Capital Limited
Nick Emerson Tel: +44 (0)1483 413 500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted gold
exploration and development company.
The Company is focused on developing the Akrokeri-Homase project
in south-western Ghana, which hosts a JORC Code compliant 602,000
oz 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 Akrokeri 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 52,500 oz gold at 2.5 g/t recovered. 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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