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Southstone Minerals Ltd V.SML

Alternate Symbol(s):  FDGMF

Energy
Southstone Minerals Limited is a Canadian junior mining company. The Company holds a 43% interest in the Oena Diamond Mine (Oena), an alluvial diamond property, located in the Northern Cape Province, Republic of South Africa that consists of one New Order Mining Lease. The Oena Project is 8,800 hectares in size and covers about 4.8 kilometer (km) wide strip along a 15 km length of the lower Orange River. Oena, a producing alluvial diamond property, is located within an alluvial diamond mining province about 50 km upstream of Namdeb’s Auchas and Daberas alluvial diamond mines, located on the Namibian or north bank of the Orange River, and about 15 km and 60 km upstream of Trans Hex’s Reuning and Baken alluvial diamond mines. Its subsidiaries include TGV Resources (Pty) Ltd, African Star Minerals (Pty) Limited, and GAH Mining (Pty) Ltd.


TSXV:SML - Post by User

Southstone Minerals Ltd
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Post by GoodOutlook2015on Sep 10, 2019 10:10pm
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Post# 30115144

Whoops: aggregate sum of C$723,021 will (ALSO) be forgiven.

Whoops: aggregate sum of C$723,021 will (ALSO) be forgiven.As consideration for the acquisition of the Company’s 74% interest in the Kwena Group, KG has agreed to return for cancellation an aggregate of 39,988,160 Common Shares (the "Payment Shares") at a deemed price of C$0.05 per share, collectively held by the Kevin Gallagher and Affiliates for aggregate consideration of C$1,999,508. In addition, outstanding indebtedness owed to the Kwena Group from the Company and its subsidiaries in the aggregate sum of C$723,021 will be forgiven.

From "Management information circular - English" on SEDAR

KG and the Affiliates listed below own an aggregate of 39,988,160 (approximately 17.1%) of the issued and outstanding 232,602,139 Common Shares on a non-diluted basis, which are held as follows:

Name of Shareholder

Total Number of Common Shares Held

Kevin Gallagher 14,566,160
Hugo Pretorius 8,894,000
Theodor Boshoff 7,528,000
Justin Gallagher 4,000,000
Jason Gallagher 4,000,000
Mark Gallagher 500,000
Simon Van Der Loo 500,000
Total 39,988,160 


https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00031079


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