Gunsynd PLC Further Investment in Rincon and ASX IPO Update (1466J)
December 18 2020 - 3:05AM
UK Regulatory
TIDMGUN
RNS Number : 1466J
Gunsynd PLC
18 December 2020
Gunsynd plc
("Gunsynd" or the "Company")
Further Investment in Rincon Resources and ASX IPO Update
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it
has invested a further A$800,000 (approximately GBP450,000) in
Rincon Resources Pty Ltd ("Rincon"), an Australian gold and base
metals exploration company, as part of Rincon's Initial Public
Offering (IPO) for its imminent listing onto the Australian
Securities Exchange (ASX).
This investment follows the Company's previous investments in
Rincon as announced on 22 June 2020, 23 June 2020 and 5 November
2020.
This further investment in Rincon was on the following
terms:
-- subscription for 4 million ordinary shares at 20 cents AUD
for the total sum of A$800,000 via an IPO subscription
agreement
Rincon had previously announced it had lodged a prospectus with
Australian Securities and Investments Commission (ASIC) for an
Initial Public Offering (IPO) to raise a minimum of A$5 million,
targeted for December 2020.
Further to our announcement on 9 December 2020, Rincon has today
advised the Company that ASX approval has now been received for
Rincon to list on the ASX commencing Monday 21 December 2020. Upon
this listing, Rincon will have 51,336,754 shares in issue having
raised A$6 million as part of its IPO. Gunsynd will hold 8,461,943
shares in Rincon representing approximately 16.5%. Under ASX
Listing Rules, Gunsynd has been required to sign an agreement which
restricts disposal of 2,711,942 of its Rincon shareholding for a
period of 24 months from the date of Rincon listing on the ASX.
Peter Ruse and Donald Strang, both directors of Gunsynd, have an
interest in 500,000 and 300,000 shares in Rincon respectively as
part of the current Rincon IPO fundraising.
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.
Hamish Harris Gunsynd PLC Director, commented: "Gunsynd is
pleased to continue to add to its existing investment in Rincon
Resources. Rincon has what we believe to be a very exciting
portfolio of copper/gold projects - particularly the South Telfer
project in the Paterson region of Western Australia. The Paterson
region continues to establishing itself as one of the most highly
sought-after Gold/copper regions in Australia. The recent success
of Newcrest Mining (ASX: NCM) and Greatland Gold PLC (AIM: GGP) -
Haverion Gold discovery has demonstrated by the exploration success
and value creation delivered from this region of Western Australia
. We believe Rincon IPO has been priced attractively and expect the
listing to unlock significant value in months and years to
come."
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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