18th Jan 2021 17:23
Goldstone Resources Ltd - AIM-listed resource development company with projects in west Africa - Reaches agreement with former director, Hendrik Schloemann, for full and final settlement of damages awarded by the South African Labour Court in December 2018.
As part of the settlement, Goldstone will issue 1.8 million new shares to Schloemann, which are valued at GBP163,800.
"The company has been indemnified against any future claims by the former director of the company," Goldstone says.
It adds: "The settlement agreement allows Goldstone to retain the majority of the cash associated with the damages awarded to the former director of the company for working capital purposes as it targets the commencement of production at Akrokeri-Homase gold project."
Following the issue, the firm will have 283.6 million shares in issue.
In 2018, the court ruled in favour of former director Schloemann in relation to his termination of employment with the miner. The court awarded USD140,000 in damages plus legal costs to Schloemann, and at that time Goldstone said it would lodge an appeal.
Current stock price: 9.11 pence
Year-to-date change: up 20%
By Paul McGowan; [email protected]
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