TIDMGRL
RNS Number : 0203S
Goldstone Resources Ltd
11 November 2021
11 November 2021
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Placing to raise GBP1m
GoldStone Resources Limited (AIM: GRL), is pleased to announce
that the Company has raised approximately GBP1 million (before
expenses) by way of a placing of 8,695,652 new ordinary shares of 1
pence each in the Company (the "Placing Shares") at a price of 11.5
pence per Placing Share (the "Placing Price") with a new
institutional shareholder (the "Placing").
Use of Proceeds
The net proceeds of the Placing will be used predominantly to
expediate the exploration, including a drilling programme, at the
former underground mine at Akrokeri, formerly known as the Akrokeri
Ashanti Mine Ltd (the "Akrokeri Mine"). The Akrokeri Mine was
closed in 1909, having produced 75,000 ounces of gold at a final
recovered average grade of 0.73 oz/t, equivalent to approximately
24 g/t, and was abruptly closed following an ingress of water. Work
will expand upon previous drilling comprising nineteen Diamond
Drill holes totalling 5,200 metres of core, which the Company
re-logged in 2018 to discover high grade quartz veins up to 8 g/t
including 1.5m @ 52.1 g/t and 17m @ 11 g/t, with individual assays
up to 25 g/t.
In addition, the Placing proceeds will be used for costs
associated with the expansion of the Mining Lease Area for the
Homase Mine, announced on 3 December 2020, which includes an
Environmental Impact Assessment and crop compensation, and in
expanding the Mineable Resource of the Homase Mine as defined in
the Definitive Economic Plan, 19 June 2019.
The Placing proceeds will also support the recommencement of
mining, which includes moving to double shift, and for the ramp up
of gold production, with first production expected to commence by
the end of November 2021.
Emma Priestley, Chief Executive Officer, commented :
"By completing this financing now, we can execute early on our
objective for our planned exploration on the former underground
mine at Akrokeri and other activities that can add value to the
Homase Mine.
"We are look forward to providing further updates on the
commencement of gold production, which is on track to commence
before the end of November 2021."
Admission and Total Voting Rights
Application has been made for the 8,695,652 Placing Shares to be
admitted to trading on AIM ("Admission") and Admission is expected
to take place on or around 17 November 2021.
Upon Admission, the Company's issued ordinary share capital will
consist of 459,033,996 ordinary Shares of 1 pence each in the
Company ("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
459,033,996. 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
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.
IMPORTANT INFORMATION
The information contained in this Announcement does not
constitute an offering of securities for sale in the United States
of America and no securities have been or will be registered under
the United States Securities Act 1933, as amended (the "Securities
Act") or under the securities laws of any state or other
jurisdiction in the United States of America nor will they qualify
for distribution under any of the relevant securities laws of
Australia, Canada, Japan or the Republic of South Africa, nor has
any prospectus in connection with the securities been lodged with
or registered by the Australian Securities and Investments
Commission. The securities may not be offered or sold in the United
States of America. This Announcement is not for distribution
directly or indirectly in or into the United States of America,
Australia, Canada, Japan or the Republic of South Africa or in any
other jurisdiction in which such publication or distribution is
unlawful.
This Announcement, does not constitute a prospectus or
prospectus equivalent document for the purposes of the prospectus
rules and has not been, and will not be, approved by, or filed
with, the Financial Conduct Authority ("FCA"). It does not
constitute or form part of, and should not be construed as, an
offer to sell or issue, or a solicitation of any offer of or
invitation to buy or subscribe for, any securities, nor shall it
(or any part of it), or the fact of its distribution, form the
basis of, or be relied on in connection with, or act as an
inducement to enter into, any contract or commitment whatsoever.
Any failure to comply with these restrictions may constitute a
violation of the applicable securities laws in such jurisdiction.
This Announcement does not constitute a recommendation regarding
any securities.
This Announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
plans and its current goals and expectations relating to its future
financial condition and performance and which involve a number of
risks and uncertainties. The Company cautions readers that no
forward-looking statement is a guarantee of future performance and
that actual results could differ materially from those contained in
the forward-looking statements. These forward-looking statements
can be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as "aim", "anticipate", "target", "expect",
"estimate", "intend", "plan", "goal", "believe", or other words of
similar meaning. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances, including, but not limited to, economic and
business conditions, the effects of continued volatility in credit
markets, market-related risks such as changes in the price of
commodities or changes in interest rates and foreign exchange
rates, the policies and actions of governmental and regulatory
authorities, changes in legislation, the further development of
standards and interpretations under International Financial
Reporting Standards (IFRS) applicable to past, current and future
periods, evolving practices with regard to the interpretation and
application of standards under IFRS, the outcome of pending and
future litigation or regulatory investigations, the success of
future explorations, acquisitions and other strategic transactions
and the impact of competition. A number of these factors are beyond
the Company's control. As a result, the Company's actual future
results may differ materially from the plans, goals, and
expectations set forth in the Company's forward-looking statements.
Any forward-looking statements made in this Announcement by or on
behalf of the Company speak only as of the date they are made.
Except as required by the FCA, the London Stock Exchange or
applicable law, the Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained in this Announcement to
reflect any changes in the Company's expectations with regard
thereto or any changes in events, conditions or circumstances on
which any such statement is based.
This Announcement is for information purposes only and shall not
constitute an offer to buy, sell, issue, or subscribe for, or the
solicitation of an offer to buy, sell, issue, or subscribe for any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification, or exemption,
under the securities laws of any such jurisdiction.
This Announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by SP
Angel or by any of their affiliates or agents as to, or in relation
to, the accuracy or completeness of this Announcement or any other
written or oral information made available to or publicly available
to any interested party or its advisers, and any liability
therefore is expressly disclaimed.
SP Angel is authorised and regulated by the FCA. SP Angel is
acting for the Company and for no-one else in connection with the
Placing, and will not be responsible to anyone other than the
Company for providing the protections afforded to its customers or
for providing advice to any other person in relation to the Placing
or any other matter referred to herein.
The distribution of this Announcement and the offering of the
Placing Shares in certain jurisdictions may be restricted by law.
No action has been taken by the Company or SP Angel that would
permit an offering of such shares or possession or distribution of
this Announcement or any other offering or publicity material
relating to such shares in any jurisdiction where action for that
purpose is required. Persons into whose possession this
Announcement comes are required by the Company and SP Angel to
inform themselves about, and to observe such restrictions.
Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy
of this Announcement should seek appropriate advice before taking
any action.
The Placing Shares to which this Announcement relates may be
illiquid and / or subject to restrictions on their resale.
Prospective purchasers of the Placing Shares should conduct their
own due diligence on the Placing Shares. If you do not understand
the contents of this Announcement you should consult an authorised
financial adviser.
Neither the content of the Company's website nor any website
accessible by hyperlinks on the Company's website is incorporated
in, or forms part of, this Announcement.
All times and dates in this Announcement may be subject to
amendment. SP Angel shall notify the Placees and any person acting
on behalf of the Placees of any changes.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Placing Shares and determining
appropriate distribution channels.
Solely for the purposes of the product governance requirements
contained within the following, each as imported into the laws of
England and Wales by virtue of the European Union (Withdrawal) Act
2018 (as amended) and certain other enacting measures: (a) EU
Directive 2014/65/EU on markets in financial instruments, as
amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated
Directive (EU) 2017/593 supplementing MiFID II; and (c) local
implementing measures (together, the "MiFID II Product Governance
Requirements"), and disclaiming all and any liability, whether
arising in tort, contract or otherwise, which any "manufacturer"
(for the purposes of the Product Governance Requirements) may
otherwise have with respect thereto, the Placing Shares have been
subject to a product approval process, which has determined that
the Placing Shares are: (i) compatible with an end target market of
(a) retail investors, (b) investors who meet the criteria of
professional clients and (c) eligible counterparties, each as
defined in MiFID II; and (ii) eligible for distribution through all
distribution channels as are permitted by MiFID II (the "Target
Market Assessment"). Notwithstanding the Target Market Assessment,
Distributors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment;
the Placing Shares offer no guaranteed income and no capital
protection; and an investment in the Placing Shares is compatible
only with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to an offer of securities such as the Placing Shares.
For the avoidance of doubt, the Target Market Assessment does
not constitute: (a) an assessment of suitability or appropriateness
for the purposes of MiFID II; or (b) a recommendation to any
investor or group of investors to invest in, or purchase, or take
any other action whatsoever with respect to the Placing Shares.
Each distributor is responsible for undertaking its own target
market assessment in respect of the Placing Shares and determining
appropriate distribution channels.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEBMBBTMTTBTMB
(END) Dow Jones Newswires
November 11, 2021 02:00 ET (07:00 GMT)
Goldstone Resources (LSE:GRL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Goldstone Resources (LSE:GRL)
Historical Stock Chart
From Apr 2023 to Apr 2024
