LONDON (Alliance News) - Golden Saint Resources Ltd on Friday said it has raised GBP150,000 by issuing 500 million new shares at 0.03 pence each in a subscription agreement.
The issue price of the shares equates to a 9.1% premium to the closing middle market price of the company's shares on Thursday. The stock was quoted up 9.1% at the 0.03p subscription price on Friday.
"The company intends to use the proceeds of the subscription for general working capital purposes, including the continued funding of its alluvial mining operations and to provide funding for the company's participation at a diamond show in Myanmar, which is scheduled for the first week of April 2016," Golden Saint said.
D'Silva Investments (WA) Pty Ltd, which is a family trust of non-board Chief Executive Cyril D'Silva and which currently holds two shares in the company, is subscribing for 100 million of the shares. Executive Chairman David McDonald, who already owns 1.4 million shares, is subscribing for 8.3 million shares. D'Silva will have an 8.81% stake in the company, with McDonald to own a 0.37% stake.
Millennium Vista Ltd, a company owned by Niko Arthur Isaac, subscribed for 309.7 million shares, adding to its existing 4.5 million shares and giving the shareholder a total stake just shy of 12%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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