Aim-listed GoldStone Resources has been indemnified against any future claims by a former director of the company, after reaching a settlement agreement, which was awarded by the South African Labour Court in December 2018.
The company has agreed to issue 1.8-million new ordinary shares to the former director, with a total value of £163 800, or $222 768, in addition to $22 500 already paid in cash, representing a full and final settlement of the damages awarded to him.
GoldStone says the settlement agreement allows GoldStone to retain the majority of cash associated with the damages for working capital purposes, as it is developing the Akrokeri-Homase gold project, in Ghana.
The claim by the former director, Hendrik Schloemann, was first announced on October 13, 2016, and related to unfair dismissal.