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Goldstone raises $4.3m for Ghana project

16th March 2020

By: Marleny Arnoldi

Online News Editor

     

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Aim-listed Goldstone Resources has raised $4.3-million in funding from new and existing investors to finance development of its Akrokeri-Homase gold project, in Ghana.

The company issued twenty-six 14% unsecured bond notes of $50 000 each to certain investors to raise $1.3-million, while Paracale Gold and BCM Investments each subscribed for bonds with a value of $300 000, respectively.

The company further issued a 14% secured gold loan of up to 2 000 troy ounces of gold at a price of $1 500 per troy ounce – equating to a value of $3-million – to Asian Investment Management Services.

The proceeds will enable Goldstone to start mining the Homase South pit and build a cyanide heap leach plant.

The company plans to start producing gold during the second half of the year.

“I am pleased to announce the $4.3-million funding package and welcome Asian Investment as a co-investor alongside Paracale and BCM,” said Goldstone CEO Emma Priestley.

Paracale currently owns 28.1% of the company’s issued share capital, while BCM owns 20%.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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