Golden Saint Resources Ltd Placing, Board Change and Operational Update (5348Q)
September 12 2017 - 9:35AM
UK Regulatory
TIDMGSR
RNS Number : 5348Q
Golden Saint Resources Ltd
12 September 2017
12 September 2017
Golden Saint Resources Ltd
("Golden Saint", "GSR" or the "Company")
Placing, Board Change and Operational Update
Golden Saint (AIM: GSR), the West African-focused diamond and
gold exploration company quoted on AIM, is pleased to provide the
market with the following updates.
Operational Update
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.
Placing Notice
The board of Golden Saint (AIM:GSR) ("Board") is pleased to
announce that the Company has raised GBP614,820 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 1(st) 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".
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Golden Saint Resources
Ltd David McDonald +618 9336 6300
Beaumont Cornish +44 (0) 20 7628
Limited Roland Cornish 3396
SVS Securities Tom Curran / Ben +44 (0) 20 3700
Plc Tadd 0093
Cassiopeia Services
LTD Stefania Barbaglio +44 (0)7949690338
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 12, 2017 09:35 ET (13:35 GMT)
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