Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Extension to August 2022 !!!!!!!!!!......
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GoldStone Resources Limited (AIM: GRL) is pleased to announce that Asia Investments Management Services Limited ("AIMS") has agreed to extend the maturity date on the US$3 million secured gold loan announced on 22 June 2020 (the "Gold Loan") to 31 August 2022 (the "Extension"). The Extension restructures the repayment obligations to enable the Company to ramp up production. The Company retains the right to repay the Gold Loan early without penalty.
Extension of Gold Loan
GoldStone Resources Limited (AIM: GRL) is pleased to announce that Asia Investments Management Services Limited ("AIMS") has agreed to extend the maturity date on the US$3 million secured gold loan announced on 22 June 2020 (the "Gold Loan") to 31 August 2022 (the "Extension"). The Extension restructures the repayment obligations to enable the Company to ramp up production. The Company retains the right to repay the Gold Loan early without penalty.
Interest will continue to accrue at the default rate of 17% until January 2022, then will revert to the original interest rate of 14% until maturity. In conjunction with the Extension, the Company has agreed a repayment schedule for the Gold Loan and accrued and ongoing interest, as set out below:
Gold Loan payments (in kilos of gold)
October 2021: 5
November 2021: 6
December 2021: 8
January 2022: 8
February 2022: 8
March 2022: 8
April 2022: 8
May 2022: 8
June 2022: 8
July 2022: 8
August 2022: 7.4
In the event that any payment is not made when due in accordance with the agreed repayment schedule, this will be deemed an event of default. Any interest that is not paid when due will accrue interest at the default rate of 17% until payment.
Related Party Transaction
AIMS is a substantial shareholder of the Company, with an interest of approximately 27.71% of the Company's ordinary shares, and is therefore a related party of the Company as defined in the AIM Rules for Companies ("AIM Rules").
Accordingly, the Extension of the Gold Loan with AIMS, is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules and it is noted that the board of Goldstone considers, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms and conditions of the Extension are fair and reasonable insofar as the shareholders of the Company are concerned.
- ENDS-
AIMS must have great confidence in Goldstone!...
Bring on the new elution plant a.s.a.p!
Am I understanding this right? They'll be able to start paying off the loan in physical gold as early as next month? Seems a very positive announcement overall.
SP slowly climbing back up again it looks like
I thought exactly the same Waimea. They must have confidence that they will have physical gold in October.
Hence the 24/7 operations onsite currently.
See new pictures on twitter as of today.
Yep gold pour next month according to the loan structure.
Why not announce this on Friday. I think several long term holders have been burnt by selling out on that.
It didn't make any sense for a long term holder to sell just at the last hurdle.
I raised this with Emma on email that the RNS's always seem to generate more questions than answers. Then we get Emma days after on a PR mission, which always seems to be very positive, leaving me baffled as to why it wasnt in the RNS.
My only thought is the Nomad forced the RNS Friday as maturity date of loan was Sunday so the market needed an update pre maturity. Then the terms were signed with AIMS this morning and released along with the twitter PR drive.
It's painfully close now.
Goldstone have to be confident of having a pour done to pay off the October instalment otherwise it's a default event according to the RNS
5kg is only about 180oz but gold is gold....lets hope they can get it poured with existing funds and scale up using gold proceeds. Would hate to see dilution - but the saving grace here is the BOD are heavily invested so it's a last resort.