Gunsynd PLC Strategic Investment - Rincon Resources Pty Ltd (6412Q)
June 22 2020 - 5:13AM
UK Regulatory
TIDMGUN
RNS Number : 6412Q
Gunsynd PLC
22 June 2020
Gunsynd plc
("Gunsynd" or the "Company")
Strategic Investment - Rincon Resources Pty Ltd
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it
has invested A$200,000 (approximately GBP110,000) in Rincon
Resources Ltd ("Rincon"), an Australian gold and base metals
exploration company, on the following terms:
-- Subscription for 12,400,000 ordinary shares at A$0.0166 for the total sum of A$200,000
-- The Gunsynd PLC investment will represent approximately 24.5%
of the enlarged capital structure of Rincon Resources following the
completion of a A$600,000 capital raising.
-- Use of funds will include the acquisition of a valuable
historical magnetic database, commence Heritage clearance
activities, and final preparations for initial drill programs at
the South Telfer Project, WA.
About Rincon Resources
Rincon Resources is a Western Australian ("WA") focused gold and
base metals exploration company. It holds the rights to three
highly prospective projects in WA, with a main focus on the South
Telfer Project, covering 50,000-hectares in the Paterson province.
The South Telfer Project is approximately 12km south of Newcrest
Limited's Telfer mine. Rincon's Laverton and Kiwirrkurra Projects
are also highly prospective gold and base metals projects.
Peter Ruse, Gunsynd PLC Director, commented: "We believe the
investment in Rincon Resources offers Gunsynd a highly attractive
entry point into a copper/gold exploration company with a strong
board and management team. Rincon has a very exciting portfolio of
copper/gold projects - particularly the South Telfer project in the
Paterson region of Western Australia. The Paterson region is fast
becoming one of the most highly sought-after gold regions in
Australia. There has been past and present exploration success for
existing ASX and AIM mining exploration companies - most recently
Newcrest Mining (ASX: NCM) and Greatland Gold PLC (AIM: GGP) -
Haverion Gold discovery. We look forward to working with the Rincon
team to be in a position to unlock significant value via their
exploration programs in the coming months."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
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 / Sandy Jamieson +44 20 7213 0880
Peterhouse Corporate Finance
Lucy Williams +44 20 7469 0930
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPPUUGQUPUUBP
(END) Dow Jones Newswires
June 22, 2020 05:13 ET (09:13 GMT)
Gunsynd (LSE:GUN)
Historical Stock Chart
From May 2024 to Jun 2024
Gunsynd (LSE:GUN)
Historical Stock Chart
From Jun 2023 to Jun 2024