LONDON (ShareCast) - GoldStone, an AIM-listed exploration company focused on gold in West Africa, has carried out a share placing to raise funds that will allow it to further investigate the Manso Amenfi project.

The placing has raised £0.5m before expenses after placing 33.33m shares at 1.5p each.

GoldStone has a joint venture with Asasemu Mining over the Manso Amenfi project, in which it currently has a 10% stake.

The group also said it was continuing discussions with a number of interested parties for the monetisation of Homase/Akrokerri, its most advanced project.

Goldstone believes the funds raised through the placing will provide the company with sufficient time to investigate all of the options to ensure a suitable commercial outcome, which will in turn provide sufficient funds to advance the other projects significantly, particularly the Gabonese projects, and so avoid unnecessary dilution of shareholders' interests.

Jurie Wessels, Chief Executive Officer of GoldStone, said: "The funds will enable us to investigate our projects to a greater extent than was previously possible. Manso Amenfi, which has significant geological promise, will be investigated more extensively than was previously possible.

"The funds, which have been raised at a significant premium to the previous placing, will also provide us with sufficient time to investigate all of our options to complete a monetisation or commercialisation of Homase/Akrokerri. We will continue with our austerity measures regardless of this placing until an appropriate time."

NR

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