Gunsynd PLC Update on Oyster Oil and Gas (2882B)
June 06 2019 - 2:00AM
UK Regulatory
TIDMGUN
RNS Number : 2882B
Gunsynd PLC
06 June 2019
Gunsynd plc
("Gunsynd" or the "Company")
Update on Oyster Oil and Gas
The Board of Gunsynd (AIM: GUN, NEX: GUN) notes the recent
movement in the Company's share price and wishes to provide an
update further to its announcement dated 4 March 2019.
As announced on 21 July 2017, Gunsynd invested GBP250,000 by way
of a convertible loan into Oyster Oil and Gas Ltd ("Oyster"; listed
on TSX Venture Exchange under the symbol "OY"). On 4 March 2019,
the Company subsequently announced that Gunsynd and Northbay
Capital Partners Corp. (also a debtor of Oyster) had reached
conditional agreement ("Agreement") with Oyster to settle the
aggregate outstanding loan amount of CAD1,426,500 owed to them.
Gunsynd's loan represents circa 30% of the total outstanding loan
amount.
Under the terms of the Agreement, the total outstanding loan
amount is to be exchanged for the entire share capital of Oyster's
wholly-owned operating subsidiary, Oyster Oil & Gas Limited
("Subco"), established under the laws of the British Virgin
Islands.
The Agreement is subject to the approval of the shareholders of
Oyster and also subject to the review and approval of the TSX
Venture Exchange.
Gunsynd notes the recent movement in the Company's share price
and wishes to announce that the Oyster shareholder meeting is due
to be held on Friday, June 7, 2019 at 10:00 a.m. Vancouver time
(6:00 p.m. UK time) at Suite 2200, HSBC Building, 885 West Georgia
Street, Vancouver, British Columbia.
A further announcement will be made in due course.
The directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc
Hamish Harris +44 20 7440 0640
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 20 7213 0880
Peterhouse Corporate Finance
Lucy Williams +44 20 7469 0930
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END
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