LONDON (Alliance News) - Goldstone Resources Ltd on Tuesday said it has agreed to increase the size of its loan from major shareholder Stratex International PLC and has reached an agreement with its former chief executive.
Goldstone said the loan from Stratex, which owns 33% of Goldstone, will be increased to USD350,000 from USD100,000, with all other terms of the loan remaining the same. The loan will be repayable on or before the end of 2016 and will carry a 5.0% annual interest rate.
Goldstone said the funds will be used for general working capital and to cover the agreement reached with Jurie Wessels, its former chief executive and managing director.
In a separate statement on Tuesday, Goldstone said it had reached an "amicable separation agreement" with Wessels, who stepped down in February.
Goldstone shares were untraded on Tuesday at 4.28 pence. Stratex shares were also untraded, having last traded at 1.86p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Goldstone Resources (GRL)