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 Ordinary Shares Currently Owned | Number of Fee Conversion Shares | Resultant Shareholding in the Company | Percentage of the issued Share Capital 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 Susie Geliher / Max Bennett | Tel: +44 (0)20 7236 1177 |
| | |
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.
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Emma Priestley | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Director of the Company | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Goldstone Resources Limited | ||||
| b) | LEI | 213800B7ATYRPQUTS551 | ||||
| 4. | Details of the transaction(s):section to be repeated for (i) 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 instrument, type of instrument | Ordinary shares of 1 penny each in the share capital of the Goldstone 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) |
| ||||
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
| e) | Date of the transaction | 12 October 2022 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Richard Wilkins | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Director of the Company | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Goldstone Resources Limited | ||||
| b) | LEI | 213800B7ATYRPQUTS551 | ||||
| 4. | Details of the transaction(s):section to be repeated for (i) 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 instrument, type of instrument | Ordinary shares of 1 penny each in the share capital of the Goldstone 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) |
| ||||
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
| e) | Date of the transaction | 12 October 2022 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Orrie Fenn | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Director of the Company | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Goldstone Resources Limited | ||||
| b) | LEI | 213800B7ATYRPQUTS551 | ||||
| 4. | Details of the transaction(s):section to be repeated for (i) 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 instrument, type of instrument | Ordinary shares of 1 penny each in the share capital of the Goldstone 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) |
| ||||
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
| e) | Date of the transaction | 12 October 2022 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Angela List | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Director of the Company | ||||
| b) | Initial notification/amendment | Initial notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Goldstone Resources Limited | ||||
| b) | LEI | 213800B7ATYRPQUTS551 | ||||
| 4. | Details of the transaction(s):section to be repeated for (i) 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 instrument, type of instrument | Ordinary shares of 1 penny each in the share capital of the Goldstone 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) |
| ||||
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
| e) | Date of the transaction | 12 October 2022 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
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