20th Sep 2005 17:54
Goldstone Resources Ltd20 September 2005 GOLDSTONE RESOURCES LIMITED PLACING The Directors of GoldStone Resources Limited ("GoldStone" or the "Company") arepleased to announce that a placing which will raise £2,042,500 for the Company(the "Placing") has been carried out by Westhouse Securities LLP, the Company'sbroker. Under the Placing, which is conditional upon the approval of shareholders at anExtraordinary General Meeting of the Company to be held on 12 October 2005 (the"EGM"), 68,083,330 ordinary shares of 1p each will be issued at a price of 3pper share. Notice of the EGM will be posted to shareholders today. The funds will be used to further the Roraima gold project in Guyana and, inparticular, to undertake a detailed soil sampling programme to identify the mostprospective area for subsequent infill drilling. The funds will also be used toenable the Company to pursue potential joint ventures with majors. In order to reduce the overhead base of the Company, the Directors have agreedto a reduction of the Directors' collective remuneration by 50 per cent. TheChairman, Sir Michael Oliver, has elected to receive his remuneration of £10,000in the form of shares in the Company at an issue price of 3p per share. Application will be made for the new ordinary shares to be issued pursuant tothe Placing and, subject to the EGM, it is expected that dealings will commencein those shares on 13 October 2005. Nico van der Hoven, Chief Executive of GoldStone, said: "The successful placingwill allow us to take the project to the next stage and may also enable us topursue the possibility of partnering with a major gold company." Enquiries: Nico van der HovenGoldStone Resources Limited00 27 21 794 4004 Westhouse Securities LLPBill Staple/Tim Feather+44 (0)20 7601 6101 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Goldstone Resources