Goldstone Resources Limited (LON:GRL) has received an unsecured short-term loan from major shareholder Stratex International PLC (LON:STI).
Stratex, the exploration and development company focused on gold and base metals in Turkey and Africa, is lending up to US$100,000 to Goldstone. The loan is repayable by the end of the year and carries an interest rate of 5.0%.
As at 11 April, Goldstone had available cash resources of around US$113,000. The loan will be used to augment working capital.
Stratex has a 33.45% stake in Goldstone.
As part of a wider corporate update, Goldstone has today announced a series of cost-cutting initiatives that include, but are not limited to, a waiving of all non-executive director and interim chief executive fees until further notice and has advised that they are considering the future of its assets, which may include full or partial disposal.