Business
Conditional Subscription of £600,000
Conditional Subscription of £600,000.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n\n21 August 2024\n \nGOLDSTONE RESOURCES LIMITED\n(\"Goldstone\" or the \"Company\")\n \nConditional Subscription of £600,000\n \nGoldstone Resources Limited (AIM: GRL) is pleased to announce that it has conditionally raised £600,000 before expenses by way of a subscription by an institutional investor for, in aggregate, 57,142,857 new ordinary shares of 1 penny par value each in the capital of the Company (\"Ordinary Shares\") (the \"Subscription Shares\") at a price of 1.05 pence per Subscription Share (the \"Subscription Price\") (the \"Subscription\").\n \nThe Subscription Shares represent 8% of the Company's share capital as enlarged by the issue of the Subscription Shares and the Subscription Price of 1.05 penny represents a discount of approximately 44% to the 5-day VWAP mid-market price on AIM of 1.86 pence per Ordinary Share on 20 August 2024.\n \nThe net proceeds of the Subscription will be used to advance development at the Homase Mine in Ghana towards delivering the planned 50,000 tonnes of stacked and agglomerated ore and achieving the Group's gold-production target of 1,000oz per calendar month, and for general working capital purposes. \n \nAdmission and Total Voting Rights\n \nApplication has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 27 August 2024. The New Ordinary Shares will be issued as fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.\n \nUpon Admission, the Company's issued ordinary share capital will consist of 713,446,190 Ordinary Shares with one voting right each (the \"Enlarged Share Capital\"). The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company following Admission will be of 713,446,190. 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.\n \nEmma P...