Gunsynd PLC Additional Investment - Eagle Mountain Mining (0877C)
October 14 2020 - 7:11AM
UK Regulatory
TIDMGUN
RNS Number : 0877C
Gunsynd PLC
14 October 2020
Gunsynd plc
("Gunsynd" or the "Company")
Additional Investment - Eagle Mountain Mining
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that
further to the announcement made on 21 September 2020, it has
invested an additional A$125,000 (approximately GBP70,000) in Eagle
Mountain Mining Limited ("Eagle Mountain"), an ASX listed
copper-gold exploration and development company (ASX: EM2).
The Eagle Mountain investment was executed on the following
terms:
-- subscription for 416,667 ordinary shares at A$0.30c for a total consideration of A$125,000;
-- the investment is a part of a of A$1.5 million capital
raising supported by institutional investors;
-- Silver Mountain Nominee Pty Ltd, an entity associated with
Eagle Mountain's Managing Director, Charles Bass, exercised 4.5
million options in Eagle Mountain, contributing A$1.35 million;
-- the funds will be used by Eagle Mountain to primarily extend
the drilling program at the high-grade Oracle Ridge Copper Mine in
Arizona and continue near mine exploration; and
-- Gunsynd PLC now holds 2,563,172 shares in Eagle Mountain
representing approximately 1.8% of its issued share capital.
About Eagle Mountain Mining Limited
Eagle Mountain Mining Limited (ASX: EM2), established in 2017,
is a copper-gold explorer focused on the strategic exploration and
development of advanced and greenfield projects in Arizona.
Arizona is at the heart of America's mining industry and home to
some of the world's largest copper discoveries, now owned by major
mining companies including BHP, Rio Tinto, Freeport McMoRan and
Hudbay. Eagle Mountain's Oracle Ridge and Silver Mountain Projects
are within the Laramide Arc which hosts many of these significant
copper porphyry deposits.
Oracle Ridge is a high grade, advanced stage underground
copper/gold/silver project. The project includes an NI43-101
resource of 11.7mt at 1.57%Cu, 17.47g/t Ag and 0.18g/t Au. Eagle
Mountain believes there is significant potential to expand the
known resources through additional drilling, along with exploration
at depth to define the source of the mineralisation.
Peter Ruse, a director of Gunsynd, commented: "Gunsynd was
pleased to have opportunity to participate in the latest financing
in Eagle Mountain. The company's drilling program is well
progressed, and this additional capital allows the company to
continue the drilling program on an expanded basis. The options
exercise by the Founder and CEO - Charles Bass demonstrates a
strong signal of support and is encouraging for all shareholders.
We look forward to results from the drilling program in due
course."
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/ Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
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