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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gunsynd plc | AQSE:GUN | Aquis Stock Exchange | Ordinary Share | GB00BMD6PM55 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.125 | 0.05 | 0.50 | 0.275 | 0.095 | 0.125 | 3,401,920 | 16:29:52 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGUN
RNS Number : 7817U
Gunsynd PLC
23 January 2017
Gunsynd plc ("Gunsynd" or the "Company")
Investment in Sunshine Minerals
Gunsynd Plc (AIM: GUN, NEX: GUN) is pleased to announce that it has entered into a subscription agreement for 10% of the enlarged share capital of Sunshine Minerals Ltd ("Sunshine") for a total consideration of GBP40,000. Sunshine has applied for prospecting licences for the Jejevo nickel deposit and Tausere bauxite deposit in the Solomon Islands and the funds will be used to obtain the Jejevo licence and Tausere land user agreement. Sunshine already has in place a land user agreement for Jejevo and has been granted a prospecting licence for Tausere.
Jejevo nickel deposit
Work previously completed on the Jejevo nickel deposit comprises 6 diamond drill holes completed in 2012 and 332 diamond core drill holes completed in 2013.
A technological study on the Jejevo deposit was carried out by Golder Associates in 2011 identifying 14mt @1.19% Ni and .05% Co at a 0.7% Ni cut off.
Tausere bauxite deposit
The Tausere bauxite deposit is a non resource defined early stage exploration asset over a 510km(2) tenement area with 3 target areas.
Details of the Strategic Investment
Gunsynd has subscribed for 1,110,000 shares in Sunshine. After the closing of the placement, Gunsynd will hold 10% of the issued equity of Sunshine.
Hamish Harris, the Company's Executive Chairman, commented:
"Whilst this investment is not in line with our recent onshore oil and gas focus it does provide the potential for a very large reward at a small cost. We will be working closely with Sunshine in order to help them to both obtain the jejevo licence and then if successful to obtain a maiden JORC resource and bring the company to market. Sunshine have already agreed a deal with the relevant landowners with respect to Jejevo and are confident that the licence can be achieved in the next few months"
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of Gunsynd accept responsibility for this announcement.
For further information please contact:
Gunsynd plc
+44 (0) 20 7440 0640
Hamish Harris
Nominated Adviser/NEX Exchange Corporate Adviser
+44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Liam Murray
Peterhouse Corporate Finance (Joint Broker)
+44 (0)20 7469 0930
Lucy Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 23, 2017 02:00 ET (07:00 GMT)
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