15th Dec 2015 12:11
LONDON (Alliance News) - Golden Saint Resources Ltd Tuesday said it has halved its monthly costs after implementing several internal restructuring initiatives, including the closure of its small London office.
The miner said its monthly cash burn rate has now fallen to USD150,000, half of the previous USD300,000 per month it was paying.
As part of that restructuring, Golden Saint said it will make arrangements to pay Chairman David McDonald and Chief Executive Cyril D'Silva for the work conducted between August 2015 and February 2016 in shares at "an average market price over (that) period," it said.
Golden Saint said it will pay as much of their salaries with shares as possible, pursuant to the company's authority to allot shares. However, it said if it can not allot all of the shares needed to settle the salaries under its current authority, it may seek shareholder approval to complete the transaction.
Golden Saint shares were down 3.1% to 0.0315 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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