Goldstone Resources Ltd Extension of Gold Loan Interest Payment (4758K)
02 September 2021 - 4:00PM
UK Regulatory
TIDMGRL
RNS Number : 4758K
Goldstone Resources Ltd
02 September 2021
2 September 2021
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Extension of Gold Loan Interest Payment
GoldStone Resources Limited (AIM: GRL), is pleased to announce
that, further to its announcement of 12 July 2021, Asia Investments
Management Services Limited ("AIMS") has agreed with the Company a
further extension to the timing of payment of interest on the Gold
Loan, to 19 September 2021 (being the maturity date of the Gold
Loan) (the "Extension"). Interest will continue to accrue at the
default rate of 17%. The Company is currently in discussion with
AIMS to reschedule and restructure the terms of the Gold Loan and
interest payments, to seek to assure that the Gold Loan can be
repaid from the proceeds of gold production.
Related Party Transactions
AIMS is a substantial shareholders of the Company, holding
27.71% and is therefore a related party of the Company as defined
in the AIM Rules for Companies ("AIM Rules").
Accordingly, the Extension of the Gold Loan with AIMS, is deemed
to be related party transactions pursuant to Rule 13 of the AIM
Rules and it is noted that the board of Goldstone considers, having
consulted with the Company's nominated adviser, Strand Hanson
Limited, that the terms and conditions of the Extension is fair and
reasonable insofar as the shareholders of the Company 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
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted
exploration and development company with projects in Ghana that
range from grassroots exploration to development.
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 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. 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.
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