Gunsynd PLC Update re Rincon Resources and Malachite Resources (1042I)
December 09 2020 - 7:49AM
UK Regulatory
TIDMGUN
RNS Number : 1042I
Gunsynd PLC
09 December 2020
Gunsynd plc
("Gunsynd" or the "Company")
Update re: Rincon Resources ASX IPO and
Malachite Resources (now Pacific Nickel Mines Limited)
Gunsynd Plc (AIM: GUN, AQSE: GUN) announces the following
updates regarding Rincon Resources Pty Ltd ("Rincon") and Malachite
Resources Limited ("Malachite") (renamed Pacific Nickel Mines
Limited ASX:PNM "Pacific Nickel").
Rincon Resources
Further to the announcement made on 5 November 2020 regarding
Rincon Resources Pty Ltd ("Rincon"), an Australian gold and base
metals exploration company, Gunsynd understands that the expected
listing date for Rincon's IPO on the Australian Securities Exchange
(ASX) which was targeted for 10 December 2020 is expected to be
subject to a short delay whilst final ASX administrative matters
are completed. The Company understands that Rincon and its advisers
are working closely with ASX and confirms that a further update
will be made in due course.
About Rincon Resources
Rincon Resources is a Western Australian ("WA") focused gold and
base metals exploration company. It currently holds the rights to
three highly prospective projects in WA, the most significant of
which, South Telfer, a 50,000-hectare project in the Paterson
province, is approximately 12km south from Newcrest Limited's
Telfer mine. The two others are highly prospective copper-gold
projects - Laverton and Kiwirrkurra.
Pacific Nickel
Further to the announcements of 26 October 2020 and 21 August
2020, Pacific Nickel today announced that it has closed the
placement of 76 million fully paid ordinary shares (Shares) at
A$0.05 to raise A$3.8 million (the "Placement"). Gunsynd did not
take part in the placing.
The Placement, which was significantly over subscribed, will be
undertaken with placement of a first Tranche of 11.2 million Shares
to be completed under Pacific Nickel's existing ASX Listing Rule
7.1 capacity, while the second Tranche of 64.8 million shares will
be completed subject to Pacific Nickel shareholder approval.
The funds raised will be used for: a) ongoing exploration and
development work in relation to the Nickel Projects in the Solomon
Islands; b) preparing a definitive feasibility study in relation to
these projects; and c) working capital and general corporate
purposes.
Gunsynd has now received a holding statement for the upfront
consideration shares with respect to the acquisition of Sunshine
Minerals Limited by Pacific Nickel as announced on 21 August 2020.
These shares are subject to an escrow period which applies from
completion until the earlier of: (a) the date 12 months from
completion; or (b) the date 10 business days after the Mines
Department grants SNL a mining lease for PL 01-18.
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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END
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