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Golden Saint Resources raises £169k via a placing for general working capital purposes

The firm said it intends to use the net proceeds for general working capital purposes, including maintenance of its licences in Sierra Leone, pending disposal, and to complete the conditional acquisition of EMS Wiring Systems

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Golden Saint said it has also issued 277.778mln new ordinary shares to key consultants

Golden Saint Resources Limited (LON:GSR) has raised £169,660, before expenses, via a placing of around 942.556mln new ordinary shares at a price of 0.018p each.

The AIM-listed company said it intends to use the net proceeds for general working capital purposes, including maintenance of its licences in Sierra Leone, pending disposal, and to complete the conditional acquisition of EMS Wiring Systems Pte Ltd, announced on 18 December 2017.

READ: Golden Saint to leave AIM and seek standard listing once reverse takeover completes

In addition, the group added, it has issued around 277,778mln new ordinary shares to key consultants in lieu of services rendered, also at a price of 0.018p per share.

Golden Saint pointed out that all exploration activities at the company's Sierra Leone operations were placed on care and maintenance during the recent election in the country and will remain on care and maintenance until the disposal of these operations are completed.

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