|
Goldstone Resources Ltd on Monday announced a new subscription agreement with Persistence Gold Group Ltd, raising £3.5 million. The stock opened 49% higher in London on Monday and was later up 27% at 0.70 pence. Goldstone, a Ghana-focused gold explorer, said Persistence has agreed to subscribe for 351.6 million new ordinary shares at 1.0p each, raising gross proceeds of £3.5 million and giving Persistence a 20.96% stake. Persistence, a Hong Kong-listed miner and investor, will have the right to nominate a representative to Goldstone’s board. Persistence Executive Director Jeff Malaihollo is therefore expected to become a Goldstone non-executive director. ‘The subscription represents a significant strategic investment in Goldstone and establishes a new relationship with an experienced international mining investor,’ the company said. Goldstone said it will use the net proceeds to conduct an expanded drilling programme at the Homase Mine; to progress exploration activities across its licence portfolio; and to support mine planning and technical studies. The funds will also contribute to its working capital and to ‘associated general corporate and operational expenditure’. Goldstone believes the expanded drilling at Homase, which is ‘designed to increase and enhance the existing JORC mineral resource,’ could ‘materially enhance’ the project’s long-term value and ‘support future mine development opportunities.’ ‘We are delighted to welcome [Persistence] as a strategic shareholder in Goldstone,’ commented Chief Executive Officer Emma Priestley. ‘This investment provides the company with significant financial flexibility to accelerate the next phase of development at Homase...We also look forward to working closely with Jeff Malaihollo and the Persistence team as we continue to develop Goldstone into a leading African gold company.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
