Published on 5/7/2010 in the Prospect News PIPE Daily.
New Issue: GoldStone Resources arranges £2.13 million private placement of stock
By Devika Patel
Knoxville, Tenn., May 7 - GoldStone Resources Ltd. said it will take in £2.13 million in a private placement of shares.
The company will sell 32,704,166 ordinary shares 6.5p per share to Bendigo Mining Ltd. The price represents a 45% premium to GoldStone's closing share price on May 6. Following the placing, Bendigo will hold 20% of the issued share capital of GoldStone.
Bendigo will also receive warrants in two tranches. The first tranche of warrants will be exercisable for 10,901,389 shares at 8.5p for between 18 and 30 months; the second tranche of warrants will be exercisable for 10,901,389 shares at 11.5p for between two and three years.
The mineral explorer is based in Jersey, Channel Islands, with administrative offices in Cape Town, South Africa.
| Issuer: | GoldStone Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | £2,125,771
|
| Shares: | 32,704,166
|
| Price: | 6.5p
|
| Warrants: | For 21,802,778 shares
|
| Warrant expiration: | Between 18 and 30 months (for 10,901,389 shares), between two and three years (for 10,901,389 shares)
|
| Warrant strike price: | 8.5p (for 10,901,389 shares), 11.5p (for 10,901,389 shares)
|
| Investor: | Bendigo Mining Ltd.
|
| Pricing date: | May 7
|
| Stock symbol: | London: GRL
|
| Stock price: | 5.2p at close May 7
|
| Market capitalization: | £5.85 million
|
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