Business
Subscription to raise £1.5m gross
Subscription to raise £1.5m gross.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n \nRNS Number : 9005R Goldstone Resources Ltd 27 September 2017 \n\n27 September 2017\n \nGOLDSTONE RESOURCES LIMITED\n(\"GoldStone\" or the \"Company\")\n \nGoldstone Announces £1.5 million Subscription\n \nThe Board of Goldstone Resources Limited (GRL:AIM) is pleased to announce that the Company is raising £1.5 million gross by way of a subscription for 100,000,000 new ordinary shares of 1 pence each in the capital of the Company (\"Ordinary Shares\") (the \"Subscription Shares\") at 1.5 pence per Subscription Share (the \"Subscription Price\") with new and existing shareholders (the \"Subscription\").\n \nThe Subscription\nThe Subscription Shares will represent approximately 40.17 per cent of the Company's enlarged issued share capital and application will be made for the admission of the Subscription Shares to trading on AIM. Subject to receipt of the proceeds of the Subscription, expected shortly, it is anticipated that dealings in the Subscription Shares will commence at 8.00 a.m. on 6 October 2017 (\"Admission\"). The total number of shares in issue following Admission will be 248,968,523, which 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, Goldstone under the Financial Conduct Authority's Disclosure and Transparency Rules.\n \nThe Subscription Price represents a discount of approximately 31.8 per cent. to the closing mid market price of the Company's Ordinary Shares on 26 September 2017, being the latest practicable date prior to this announcement, and a discount of approximately 21.2 per cent. to the Company's average closing mid market price for the 30 days prior to 26 September 2017.\n \nBCM Investment Limited (\"BCM\") is subscribing for 50,000,000 Subscription Shares as part of the Subscription, representing approximately 20.08 per cent. of the Company's issued share capital on Admission. BCM and its subsidiaries (together, the \"BCM Group\") has provided the Company with mining services in relation to the Company's current drilling programmes. As part of the relationship which has developed between the Company and BCM Group as a result of this work and the fact that the BCM Group is supportive of the Company's strategy, disc...