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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 is engaged in the acquisition, exploration, evaluation, development and mining of mineral properties. The Company holds a 43% interest in the Oena Diamond Mine (Oena), which is located in the Northern Cape Province, Republic of South Africa that consists of one New Order Mining Lease. Oena is a producing alluvial diamond property. Oena is approximately 8,800 hectares in size and covers a 4.8 kilometers (kms) wide strip along a 15 kms length of the lower Orange River. The property has two separate and distinctly different aged diamondiferous bearing paleochannel gravels: Proto-terraces and Meso-terraces. 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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