Extension of Gold Loan Interest Payment

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.

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For further information, please contact:

GoldStone Resources Limited
Bill Trew / Emma Priestley	Tel: [phone]
Strand Hanson Limited
James Dance / James Bellman	Tel: [phone]
S. P. Angel Corporate Finance LLP
Ewan Leggat / Charlie Bouverat	Tel: [phone]

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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