TIDMGRL

RNS Number : 6857C

Goldstone Resources Ltd

12 October 2022

12 October 2022

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Director Fee Conversions

GoldStone Resources Limited (AIM:GRL) in aggregate, 3,753,230 ordinary shares of 1p each in the Company ("Ordinary Shares") pursuant to the conversion of accrued Directors fees to 30 June 2022 and an issue of shares to certain senior managers of the Company.

In order to preserve cash within the Company for working capital purposes, certain of the company Directors have agreed to convert, in aggregate, USD239,250 of outstanding fees accrued and unpaid to 30 June 2022 into 3,653,230 new Ordinary Shares at a conversion price of 5.9p, being the mid-market closing price of the Company's Ordinary Shares on 11 October 2022, the latest practicable date prior to this announcement (the "Fee Conversion Shares").

 
Name                  Number of         Number of        Resultant       Percentage 
                       Ordinary       Fee Conversion    Shareholding    of the issued 
                   Shares Currently       Shares       in the Company   Share Capital 
                        Owned                                           of the Company 
Angela List             59,600,000*          320,660       59,920,660           12.08% 
                  -----------------  ---------------  ---------------  --------------- 
Emma Priestley            2,711,546        2,485,112        5,196,658            1.05% 
                  -----------------  ---------------  ---------------  --------------- 
Richard Wilkins                              320,660          320,660            0.06% 
                  -----------------  ---------------  ---------------  --------------- 
Orrie Fenn                                   526,798          526,798            0.11% 
                  -----------------  ---------------  ---------------  --------------- 
 

* Held by Nguvu Holdings Limited, a company of which Angela List is a director and shareholder.

In addition to the Fee Conversion Shares, the Company has agreed to issue, in aggregate, 100,000 new Ordinary Shares to certain senior managers of the Company ("Senior Management Shares").

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for the Fee Conversion Shares and Senior Management Shares to be admitted to trading on AIM ("Admission") at 8.00 a.m. on or around 18 October 2022. The Fee Conversion Shares and Senior Management Shares will be issued as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive dividends and other distributions declared on or after the date on which they are issued.

Upon Admission, the Company's issued ordinary share capital will consist of 496,190,047 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 496,190,047 . 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.

Related Party Transactions

The issue of the Fee Conversion Shares to certain directors of the Company is a related party transaction under AIM Rule 13 of the AIM Rules for Companies. Bill Trew, the Chairman of the Company and an independent director in respect of the Fee Conversions Shares, considers, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, that the terms and conditions of the Fee Conversion Share issues are fair and reasonable insofar as the shareholders of the Company are concerned.

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 
 
 

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) .

PDMR Notification Forms

Further details of the PDMR dealings are included below. This information has been provided in accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

 
       Details of the person discharging managerial responsibilities 
  1.    / person closely associated 
 a)    Name                             Emma Priestley 
      -------------------------------  ------------------------------------ 
       Reason for the Notification 
  2. 
      --------------------------------------------------------------------- 
 a)    Position/status                  Director of the Company 
      -------------------------------  ------------------------------------ 
 b)    Initial notification/amendment   Initial notification 
      -------------------------------  ------------------------------------ 
       Details of the issuer, emission allowance market participant, 
  3.    auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------- 
 a)    Name                             Goldstone Resources Limited 
      -------------------------------  ------------------------------------ 
 b)    LEI                              213800B7ATYRPQUTS551 
      -------------------------------  ------------------------------------ 
       Details of the transaction(s):section to be repeated for (i) 
  4.    each type of instrument; (ii) each type of transaction; (iii) 
        each date; and (iv)each place where transactions have been 
        conducted 
      --------------------------------------------------------------------- 
 a)    Description of the Financial     Ordinary shares of 1 penny each in 
        instrument, type of              the share capital of the Goldstone 
        instrument                       Resources Limited 
      -------------------------------  ------------------------------------ 
       Identification code              JE00BRJ8YF63 
      -------------------------------  ------------------------------------ 
 b)    Nature of the Transaction        Receipt of Ordinary Shares in lieu 
                                         of director fees 
      -------------------------------  ------------------------------------ 
 c)    Price(s) and volume(s)            Price(s)     Volume(s) 
                                          GBP0.0590    2,485,112 
                                                      ---------- 
      -------------------------------  ------------------------------------ 
 d)    Aggregated information           N/A (Single transaction) 
        Aggregated volume Price 
      -------------------------------  ------------------------------------ 
 e)    Date of the transaction          12 October 2022 
      -------------------------------  ------------------------------------ 
 f)    Place of the transaction         London Stock Exchange, AIM Market 
                                         (XLON) 
      -------------------------------  ------------------------------------ 
 
 
       Details of the person discharging managerial responsibilities 
  1.    / person closely associated 
 a)    Name                             Richard Wilkins 
      -------------------------------  ------------------------------------ 
       Reason for the Notification 
  2. 
      --------------------------------------------------------------------- 
 a)    Position/status                  Director of the Company 
      -------------------------------  ------------------------------------ 
 b)    Initial notification/amendment   Initial notification 
      -------------------------------  ------------------------------------ 
       Details of the issuer, emission allowance market participant, 
  3.    auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------- 
 a)    Name                             Goldstone Resources Limited 
      -------------------------------  ------------------------------------ 
 b)    LEI                              213800B7ATYRPQUTS551 
      -------------------------------  ------------------------------------ 
       Details of the transaction(s):section to be repeated for (i) 
  4.    each type of instrument; (ii) each type of transaction; (iii) 
        each date; and (iv)each place where transactions have been 
        conducted 
      --------------------------------------------------------------------- 
 a)    Description of the Financial     Ordinary shares of 1 penny each in 
        instrument, type of              the share capital of the Goldstone 
        instrument                       Resources Limited 
      -------------------------------  ------------------------------------ 
       Identification code              JE00BRJ8YF63 
      -------------------------------  ------------------------------------ 
 b)    Nature of the Transaction        Receipt of Ordinary Shares in lieu 
                                         of director fees 
      -------------------------------  ------------------------------------ 
 c)    Price(s) and volume(s)            Price(s)    Volume(s) 
                                          GBP0.059    320,660 
                                                     ---------- 
      -------------------------------  ------------------------------------ 
 d)    Aggregated information           N/A (Single transaction) 
        Aggregated volume Price 
      -------------------------------  ------------------------------------ 
 e)    Date of the transaction          12 October 2022 
      -------------------------------  ------------------------------------ 
 f)    Place of the transaction         London Stock Exchange, AIM Market 
                                         (XLON) 
      -------------------------------  ------------------------------------ 
 
 
       Details of the person discharging managerial responsibilities 
  1.    / person closely associated 
 a)    Name                             Orrie Fenn 
      -------------------------------  ------------------------------------ 
       Reason for the Notification 
  2. 
      --------------------------------------------------------------------- 
 a)    Position/status                  Director of the Company 
      -------------------------------  ------------------------------------ 
 b)    Initial notification/amendment   Initial notification 
      -------------------------------  ------------------------------------ 
       Details of the issuer, emission allowance market participant, 
  3.    auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------- 
 a)    Name                             Goldstone Resources Limited 
      -------------------------------  ------------------------------------ 
 b)    LEI                              213800B7ATYRPQUTS551 
      -------------------------------  ------------------------------------ 
       Details of the transaction(s):section to be repeated for (i) 
  4.    each type of instrument; (ii) each type of transaction; (iii) 
        each date; and (iv)each place where transactions have been 
        conducted 
      --------------------------------------------------------------------- 
 a)    Description of the Financial     Ordinary shares of 1 penny each in 
        instrument, type of              the share capital of the Goldstone 
        instrument                       Resources Limited 
      -------------------------------  ------------------------------------ 
       Identification code              JE00BRJ8YF63 
      -------------------------------  ------------------------------------ 
 b)    Nature of the Transaction        Receipt of Ordinary Shares in lieu 
                                         of director fees 
      -------------------------------  ------------------------------------ 
 c)    Price(s) and volume(s)            Price(s)    Volume(s) 
                                          GBP0.059    526,798 
                                                     ---------- 
      -------------------------------  ------------------------------------ 
 d)    Aggregated information           N/A (Single transaction) 
        Aggregated volume Price 
      -------------------------------  ------------------------------------ 
 e)    Date of the transaction          12 October 2022 
      -------------------------------  ------------------------------------ 
 f)    Place of the transaction         London Stock Exchange, AIM Market 
                                         (XLON) 
      -------------------------------  ------------------------------------ 
 
 
       Details of the person discharging managerial responsibilities 
  1.    / person closely associated 
 a)    Name                             Angela List 
      -------------------------------  ------------------------------------ 
       Reason for the Notification 
  2. 
      --------------------------------------------------------------------- 
 a)    Position/status                  Director of the Company 
      -------------------------------  ------------------------------------ 
 b)    Initial notification/amendment   Initial notification 
      -------------------------------  ------------------------------------ 
       Details of the issuer, emission allowance market participant, 
  3.    auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------- 
 a)    Name                             Goldstone Resources Limited 
      -------------------------------  ------------------------------------ 
 b)    LEI                              213800B7ATYRPQUTS551 
      -------------------------------  ------------------------------------ 
       Details of the transaction(s):section to be repeated for (i) 
  4.    each type of instrument; (ii) each type of transaction; (iii) 
        each date; and (iv)each place where transactions have been 
        conducted 
      --------------------------------------------------------------------- 
 a)    Description of the Financial     Ordinary shares of 1 penny each in 
        instrument, type of              the share capital of the Goldstone 
        instrument                       Resources Limited 
      -------------------------------  ------------------------------------ 
       Identification code              JE00BRJ8YF63 
      -------------------------------  ------------------------------------ 
 b)    Nature of the Transaction        Receipt of Ordinary Shares in lieu 
                                         of director fees 
      -------------------------------  ------------------------------------ 
 c)    Price(s) and volume(s)            Price(s)    Volume(s) 
                                          GBP0.059    320,660 
                                                     ---------- 
      -------------------------------  ------------------------------------ 
 d)    Aggregated information           N/A (Single transaction) 
        Aggregated volume Price 
      -------------------------------  ------------------------------------ 
 e)    Date of the transaction          12 October 2022 
      -------------------------------  ------------------------------------ 
 f)    Place of the transaction         London Stock Exchange, AIM Market 
                                         (XLON) 
      -------------------------------  ------------------------------------ 
 

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END

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October 12, 2022 09:15 ET (13:15 GMT)

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