VICTORIA, BRITISH COLUMBIA — 3 July 2024 — Southstone Minerals Limited (“Southstone” or the “Company”) (TSX.V – SML) announces that the Company and Padstone Pte. Ltd. (“Padstone“) have mutually agreed on an additional two month extension of the completion “Long-stop Date” for the previously announced share purchase agreement (the “Agreement”) of the remaining 90% interest of the issued and outstanding shares of Padstone (see news releases dated 10 January 2024 and 28 March 2024).
The process of obtaining the two alluvial and kimberlite diamond exploration permits in the Republic of Guinea, collectively referred to the “Soromaya Project” or the “Permits” is ongoing and as such the Company and Padstone have agreed to a two-month extension to the Long-stop Date. The amended Long-stop Date to complete the Agreement is now 31 August 2024. However, the Company can provide no assurance as to when, or if, the Permits will be granted. All other terms and conditions of the Agreement remain unchanged.
The Company also announces that further to its news releases dated 6 November 2023, 10 January 2024 and 13 March 2024, it has extended the closing of the non-brokered private placement of up to 10M units at a price of C$0.05 per unit for gross proceeds up to C$500,000 (the “Private Placement“). Each unit of the Private Placement shall consist of one common share in the capital of the Company and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of C$0.10 per share at any time within two years from the date of issuance. The warrants shall also be subject to an accelerated exercise clause in the event the Company’s share price exceeds C$0.15 for 10 consecutive trading days. Proceeds from the Private Placement are anticipated to be used on exploration of the Visirivier and Kabies Sections of the Oena Mining License which have had little exploration or mining activity to date, the Soromaya Project, when the acquisition is completed, as well as for general working capital purposes. The Company may pay finders fee’s in either cash, shares, share purchase warrants or a combination thereof, as permitted by regulators, on a portion or all the Private Placement.
ON BEHALF OF THE BOARD OF DIRECTORS OF SOUTHSTONE MINERALS LIMITED Terry L. Tucker, P.Geo.
Executive Chairman
For additional information, please contact Terry L. Tucker at
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Capitalized terms used herein that have not been defined have the same meanings ascribed in the policies of the TSX.V.
Forward-Looking Statement
This news release of Company contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Southstone’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.