Golden Saint Resources Ltd (LON:GSR), the West African-focused diamond and gold exploration company quoted on AIM, has today provided the market with the following updates.
Golden Saint wishes to confirm that there were no operational services affected by the recent flooding in Sierra Leone, and washing is continuing at the Tongo and Baja site and are expected to be completed by end September 2017. Work on Moa will begin in early October subject to weather conditions.
The board of Golden Saint (AIM:GSR) (“Board”) is pleased to announce that the Company has raised £614,820 before expenses, by way of a placing (“Placing”) of 2,927,174,286 new Ordinary Shares of no par value in the Company (“Placing Shares”) at a placing price of GBP 0.00021 per share.
The Placing is conditional only upon admission of the Placing Shares to trading on AIM and has been carried out within the Company’s existing share authorities.
The Company intends to use the net proceeds of the Placing to progress the Company’s alluvial bulk sampling operations, general working capital purposes and also to explore new business opportunities for the company.
The Placing Shares will rank pari passu with the existing Ordinary Shares and application has been made for the Placing Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 15 September 2017.
Following Admission of the Placing Shares, the Company’s issued share capital will consist of 11,749,970,868 Ordinary Shares with voting rights. There are no Ordinary Shares held in treasury. This number 11,749,970,868 may be used by shareholders, following Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules, of which the Company has incorporated Chapter 5 into its articles of association.
Confirmation of Board Appointment
As per the previous announcement, the Board of Golden Saint (AIM:GSR) (“Board”) is pleased to announce that Mr Pierre Fourie has officially started with GSR in his role as Chief Executive Officer with immediate effect from 1st September 2017
Mr. Pierre Fourie has an extensive career of over 20 years as a mining engineer in the area of resource/reserve estimation, mineral economics, mine construction and operations and is currently engaged to the role of CEO for Rock Forage Consulting Services. In addition to his career experience, Mr Pierre has a Bachelor of Accountancy Science and a B. Eng. in mining and is also a member of the Australian Institute of Mining and Metallurgy (“AusIMM”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”).
David McDonald, Executive Chairman commented: “We are looking forward to benefiting from the competence and professionalism that Pierre will bring to the Board”.