Business
Funding of up to US$4.3m to commence production
Funding of up to US$4.3m to commence production.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n \n \n RNS Number : 1874G\n Goldstone Resources Ltd\n 16 March 2020\n \n \n \n 16 March 2020\n \n GOLDSTONE RESOURCES LIMITED\n (\"GoldStone\" or the \"Company\")\n \n \n Funding of up to US$4.3 million to commence production\n \n \n \n \n \n GoldStone Resources Limited (AIM: GRL), the West and Central Africa focused gold exploration and development company quoted on AIM, is pleased to announce that it has raised, in aggregate, up to US$4.3 million (c.£3.4 million) of funding from certain new and existing investors (the \"Fundraise\") to finance the advancement of its Akrokeri-Homase Gold Project (\"AKHM\") into production.\n \n \n \n \n \n Summary\n \n \n · \n Fundraise of up to US$4.3 million\n \n \n - \n Issue of twenty six 14% unsecured bond notes of US$50,000 each to certain existing and new investors, to raise, in aggregate, US$1.3 million (c.£1.0 million) (the \"Bonds\") before expenses\n \n \n § Paracale Gold Limited (\"Paracale Gold\") and BCM Investments Limited (\"BCM\") have each subscribed for Bonds with a value of US$0.3 million respectively\n \n § 52 million warrants, exercisable at 3 pence per ordinary share of 1 penny each in the Company (\"Ordinary Share\") (the \"Exercise Price\"), to be issued to the Bond subscribers \n \n § Commission of 3% payable to Bond holders\n \n - \n Subject to formal loan documentation being agreed and security being granted, issue of 14% secured gold loan of up to 2,000 troy ounces of gold at a price of US$1,500 per troy ounce, equating to a value of US$3.0 million (c.£2.4 million) before expenses to Asian Investment Management Services Ltd (\"AIMS\") (the \"GoldLoan\")\n \n \n § 200 troy ounces (US$300,000) available to be drawn immediately\n \n § Further 1,800 troy ounces (US$2.7 million) to be made available, subject to entering into formal loan documentation and security being granted over the assets of the Company\n \n § 120 million warrants, exercisable at the Exercise Price to be issued to AIMS\n \n · \n The Fundraise will enable the Company to start mining the Homase South Pit and construct the heap leach plant\n \n \n - \n Mining operations will start immediately the environmental permit is issued using \n contract mining \n for the open pit\n \n \n - \n Application for the environmental p...