[Ghana] Goldstone Resources raises $1.1 million for gold project

Goldstone Resources a company associated with gold exploration company Stratex has raised £1m meant to spearhead a mining project in Ghana.

The funds raised will primarily be used to advance Goldstone's 602,000 oz Homase-Akrokerri gold project in Ghana, through up to 2,000 meters of reverse circulation drilling.

Stratex, which focuses on gold and base metals in West Africa and Turkey, holds a significant interest in the producing gold mine.

The company has a 33.45% interest in Goldstone through direct funding and a $250,000 drawdown settlement by Goldstone from Stratex's short-term loan facility.

AIM-listed Stratex also subscribed for over 5.7m ordinary shares at price of 2.5p each.

A warrant to subscribe for one new ordinary share at a price of 5p per share will be attached to each new ordinary share issued before the financing. The company said the warrants will vest immediately on issue and are valid for 24 months from the date of admission.

www.goldstoneresources.com