Business
Uranium Project
Uranium Project.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n RNS Number : 1784X Goldstone Resources Ltd 20 June 2008 \n \nGOLDSTONE RESOURCES LTD\n\nPROPOSED ACQUISITION OF THE DR3-EAST URANIUM PROJECT\n\n\nThe Directors of GoldStone Resources Ltd ('GoldStone' or the 'Company') are pleased to announce that the Company has conditionally agreed to acquire a 100 per cent. interest in a uranium exploration project in South Africa (the 'Acquisition'). \n\nDetails of the Acquisition\n\nThe Acquisition comprises the conditional purchase of the entire issued share capital and loan accounts of Hymrai Properties 1 (Pty) Ltd ('Hymrai'), a South African registered company. Hymrai's sole material asset is a notarially executed Prospecting Right over the Remainder and Portion 2 (De Onderste Vlei) of the farm Drie Vaderlandsche Rietvalleyen 49, located in the district of Laingsburg, Western Cape, South Africa.\n\nA Black Economic Empowerment company, Obeec (Pty) Ltd (the 'BEE Vendor'), holds 26 per cent. of the share capital of Hymrai in accordance with the policy of the Department of Minerals and Energy ('DME') of South Africa. The balance of 74 per cent. is held by various different private entities (the 'Non BEE Vendors').\n\nThe Acquisition has been structured in two phases as follows:\n\nPhase one comprises the conditional acquisition of 60 per cent. of the issued share capital of Hymrai, pro rata from the BEE Vendor and Non-BEE Vendors, and 100 per cent. of the loan account (the 'Loan Account') in Hymrai. The Loan Account totals US$29,711 and primarily represents advances made to Hymrai in order to fund the purchase of a spectrometer and to enable Hymrai to provide rehabilitation guarantees to the DME.\n\nThe consideration payable by GoldStone in phase one of the Acquisition is 6,540,832 ordinary shares in GoldStone, representing 5 per cent. of the current issued share capital, a cash component of US$30,000 and repayment of the Loan Account. Phase one of the Acquisition is, save for the cash component of ...