Business
Settlement of Claim by Former Director
Settlement of Claim by Former Director.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 9381L\n Goldstone Resources Ltd\n 18 January 2021\n \n \n \n \n 18 January 2021\n \n \n \n \n \n GOLDSTONE RESOURCES LIMITED\n \n \n (\"GoldStone\" or the \"Company\")\n \n \n \n \n \n Settlement of Claim by Former Director\n \n \n \n \n \n GoldStone Resources Limited (AIM: GRL), the AIM quoted gold exploration and development company focused on bringing its Akrokeri-Homase Gold Project (\"AKHM\") into production, announces that it has reached an agreement with a former director of the Company, for full and final settlement of damages awarded by the South African Labour Court (the \"Court\") in December 2018 (the \"Settlement Agreement\"), as announced at such time and most recently disclosed in the Company's interim results for the six-month period to 30 June 2020. \n \n \n \n \n \n Pursuant to the Settlement Agreement, the Company has agreed to issue 1,800,000 new ordinary shares of 1p each in the Company (\"Ordinary Shares\") (the \"Settlement Shares\") to the former director, which have a value of £163,800 (approximately US$222,768) at the closing middle market price of the Company's Ordinary Shares on 15 January 2021, which, in addition to US$22,500 already paid in cash, represents full and final settlement of the damages awarded to him by the South African courts. The Company has been indemnified against any future claims by the former director of the Company. \n \n \n \n \n \n The Settlement Agreement allows Goldstone to retain the majority of the cash associated with the damages awarded to the former director of the Company for working capital purposes as it targets the commencement of production at AKHM.\n \n \n \n \n \n The Settlement Shares will rank pari passu with the existing Ordinary Shares and application will be made for the Settlement Shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and dealings in the Settlement Shares will commence at 8.00 a.m. on 21 January 2021.\n \n \n \n \n \n Total Voting Rights\n \n \n \n \n \n Upon Admission, the Company's issued ordinary share capital will consist of 283,585,967 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...