Goldstone reaches settlement agreement for outstanding unsecured bonds

Aim-listed Goldstone Resources has reached a settlement for its 20 outstanding unsecured bonds of $50,000 each with the bondholders.
The bondholders agreed to a full and final settlement of the Bonds in exchange for the issue of, in aggregate, 12 million new ordinary shares of 1 penny each in the capital of the company.
A verbal agreement has been received from BCM Investments, which will be allotted its 3,6 million bond settlement shares immediately following the signature of a written bond settlement agreement.
Settlement of the bonds on the terms of the agreement is deemed to be in the best interests of the company and all shareholders, as it avoids the issue of, in aggregate, 20 million new warrants to subscribe for ordinary shares at an exercise price of 3 pence per share, as well as the payment of interest at a rate of 14% on the principal amounts outstanding.
Meanwhile, Goldstone said it has received approval from the Minerals Commission to start irrigation and leaching of ore placed on the heap leach pad at the Homase Mine, in Ghana.  
The company remains on track to achieve the target production of 25,000 ounces of gold for the first eight months of production, with the first gold pour expected to occur in the third quarter of 2021.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished