Company Announcements

Issue of Options

Source: RNS
RNS Number : 6847Y
Goldstone Resources Ltd
01 August 2024
 

`1 August 2024

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Issue of Options

 

GoldStone Resources Limited (AIM:GRL) announces that the Board has approved the issuance of share options ("Options") to directors and a senior manager of the Company.

 

The award of the Options represents the first issuance of share options by the Company since September 2011 and the Board believes that it is essential for the Company's directors and senior managers to be suitably incentivised to drive the business forwards and to further align their interests with those of the Company's shareholders.

 

A total of 56,000,000 Options have been granted, of which: 50% will vest immediately and are exercisable at a price of £0.02 per ordinary share ("Tranche 1"); 25% will vest when production is greater than 650 oz per month for three consecutive months and are exercisable at £0.025 per ordinary share ("Tranche 2"); and 25% will vest when all-in sustaining production costs at the Homase Mine are reduced to US$1,500 per month for three consecutive months and are exercisable at a price of £0.03 per ordinary share ("Tranche 3").

 

The allocation of the Options to be issued is as presented in the table below:

 

 

Tranche 1

Tranche 2

Tranche 3

Total

Angela List

3,750,000

1,875,000

1,875,000

7,500,000

Emma Priestley

8,500,000

4,250,000

4,250,000

17,000,000

Richard Wilkins

3,750,000

1,875,000

1,875,000

7,500,000

Orrie Fenn

4,500,000

2,250,000

2,250,000

9,000,000

Campbell Smyth

3,750,000

1,875,000

1,875,000

7,500,000

Senior Manager

3,750,000

1,875,000

1,875,000

7,500,000

Total

28,000,000

14,000,000

14,000,000

56,000,000

 

 

Following the grant of the above Options, the total number of options granted represents approximately 8.53% of the Company's existing issued share capital, and there are no other options issued or outstanding.

 

  

For further information, please contact:

 

GoldStone Resources Limited

 

Emma Priestley

Tel: +44 (0)1534 487 757

 

Strand Hanson Limited

 

James Dance / James Bellman

Tel: +44 (0)20 7409 3494

 

S. P. Angel Corporate Finance LLP

 

Ewan Leggat / Charlie Bouverat 

Tel: +44 (0)20 3470 0501

 

St Brides Partners Ltd

Susie Geliher 

Tel: +44 (0)20 7236 1177

 

 




About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production.

 

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000oz gold resource at an average grade of 1.77 g/t. The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.

 

The project hosts two former mines, the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered. Production is currently focussed on the Homase Mine however it is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.


 

 

1

Details of the person discharging managerial responsibilities/person closely associated


a.

Name

a) Angela List

b) Emma Priestley

c) Richard Wilkins

d) Orrie Fenn

e) Campbell Smyth


e

Reason for notification


a.

Position/Status

a) Non-Executive Director (Chair)

b) Director (CEO)

c) Non-executive Director

d) Non-executive Director

e) Non-executive Director


b.

Initial notification /Amendment

Initial Notification


3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor


a.

Name

Goldstone Resources Limited


b.

LEI

213800B7ATYRPQUTS551


4

Details of the transaction(s): section to be repeated for (e) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted


a.

Description of the financial instrument, type of instrument

Identification Code

Options over Ordinary shares of 0.3p each


 

JE00BRJ8YF63


b.

Nature of the transaction

Grant of Share Options


c.

Price(s) and volume(s)

Total*

a)   7,500,000

b)   17,000,000

c)   7,500,000

d)   9,000,000

e)   7,500,000

 

*50% will vest immediately and are exercisable at a price of £0.02 per ordinary share; 25% will vest when production is greater than 650 oz per month for three consecutive months and are exercisable at £0.025 per ordinary share; and 25% will vest when all-in sustaining production costs at the Homase Mine are reduced to US$1,500 per month for three consecutive months and are exercisable at a price of £0.03 per ordinary share

 


d.

Aggregated information

-  Volume*

-  Price

 

 

48,500,000

As above

 


e.

Date of the transaction

31 July 2024


f.

Place of the transaction

Off-exchange


 

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