Gunsynd PLC Further Investment - Rincon Resources Pty Ltd (8372Q)
June 23 2020 - 11:00AM
UK Regulatory
TIDMGUN
RNS Number : 8372Q
Gunsynd PLC
23 June 2020
Gunsynd plc
("Gunsynd" or the "Company")
Further Investment - Rincon Resources Pty Ltd
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that,
further to the announcement of 22 June 2020, it has invested an
additional A$50,000 (approximately GBP27,750) in Rincon Resources
Pty Ltd ("Rincon"). This additional investment was funded in-part
via proceeds received from the sale of the Company's shareholding
in United Oil & Gas PLC (AIM: UOG).
Rincon additional investment was executed on the following
terms:
-- Subscription for 3,012,049 ordinary shares at A$0.0166 for the total sum of A$50,000.
-- The additional investment will increase the Company's
aggregate ownership to 28.4% of the enlarged capital structure of
Rincon Resources upon completion of this A$600,000 capital
raising.
Disposal of UOG shares
-- Gunsynd has disposed of 1,939,359 shares in UOG at an average
price of 2.93 pence per share for a total gross consideration of
GBP56,823.
-- Following this disposal, Gunsynd no longer holds an interest in UOG.
Peter Ruse, Gunsynd PLC Director, commented: "Gunsynd is pleased
to be offered the opportunity to increase its position in Rincon
Resources. As mentioned in our previous announcement, we look
forward to advancing Rincon Resources to be in a position to unlock
significant value via their initial drill programme 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 / Liam Murray +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
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