Gunsynd PLC Further Investment -- First Tin PLC (7752H)
April 08 2022 - 2:24AM
UK Regulatory
TIDMGUN
RNS Number : 7752H
Gunsynd PLC
08 April 2022
Gunsynd plc
("Gunsynd" or the "Company")
Further Investment - First Tin PLC
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it
has invested GBP75,000 in the Initial Public offering of First Tin
PLC (LSE:1SN) (formerly Anglo Saxony Mining Limited) ("First Tin"),
a tin development and exploration company.
The First Tin investment was executed on the following
terms:
-- subscription for 250,000 ordinary shares at 30 pence per
share for a total consideration of GBP75,000 from the Company's
existing cash resources;
-- this investment is in addition to the previous investment
announced 24 March 2021 whereby Gunsynd acquired 833,333 ordinary
shares at 15 pence per share for a total consideration of
GBP125,000; Gunsynd will hold approximately 0.4% of First Tin on
admission to trading on the London Stock Exchange Standard Segment
("Admission");
-- following this capital raise First Tin will have 265,534,972
shares in issue with a market cap of approximately GBP80m;
-- Gunsynd's investment is a part of a GBP20m capital raise
supported by institutional investors by way of a Placing and
Subscription and UK retail investors through the PrimaryBid mobile
app; and
-- funds will be used for resource expansion drilling,
feasibility/mine development studies and land acquisition cost.
First Tin's issued ordinary share capital has today been admitted
to trading on the London Stock Exchange Standard Segment.
About First Tin PLC
On Admission, First Tin will own 100% of two advanced tin
projects, one in Germany and one in Australia, and is looking to
rapidly move them into production in order to be able to deliver a
sustainable answer to the chronic supply shortage currently faced
by many industrial users of tin. Immediately following Admission,
the First Tin Board intends to commence the process by which it
will obtain a dual listing on the ASX in Australia and will also
apply to secure a secondary listing in Frankfurt.
Given First Tin has operations located in Germany and Australia,
its board considers that enabling direct access to the shares in
those jurisdictions will be beneficial to share price performance,
liquidity and in further expanding its shareholder base.
The long term vision of First Tin is to become a leading global
tin producer which will supply fully traceable and verifiable tin
units into those global industries which have a high requirement
for tin.
These industries include the electric vehicle, renewable energy,
energy storage, mobile telephony and
semi-conductor sectors which are currently experiencing strong
demand growth.
In the year ended 31 December 2020, First Tin had no turnover
and had total comprehensive income of GBP179,518.
Peter Ruse, a director of Gunsynd, commented: "Gunsynd is
pleased to have the opportunity to add to its existing investment
by way of the First Tin's Admission. First Tin has an exciting tin
development and exploration strategy via its assets in both Western
Europe and now Australia. First Tin is committed to the
environmentally sensitive development of advanced hard rock tin
projects in conflict free, low political risk jurisdictions. We are
very excited by the active resource expansion programmes which will
be carried out on both projects following the IPO."
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.
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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