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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gunsynd Plc | LSE:GUN | London | Ordinary Share | GB00BMD6PM55 | ORD 0.085P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.12 | 0.11 | 0.13 | 0.12 | 0.12 | 0.12 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 149k | -1.71M | -0.0031 | -0.39 | 665.76k |
TIDMGUN
RNS Number : 3092V
Gunsynd PLC
02 December 2019
Gunsynd plc
("Gunsynd" or the "Company")
Update on Sunshine Minerals
Gunsynd Plc (AIM: GUN, NEX: GUN) notes the announcement of Malachite Resources (ASX: MAR; "Malachite") in that it has entered into a Share Subscription Agreement with Sunshine Minerals Limited ("Sunshine") to acquire up to 15% of it.
The key terms of the acquisition are summarised below:
Malachite pays $75k in two tranches to Sunshine to extend an exclusivity period to 31 March 2020 - these funds will be allocated to due diligence and corporate costs. The first tranche of A$25k is payable upon signing of the subscription agreement. The second tranche of A$50k is conditional on:-Solomon Islands mines department board approval to retain PL01/18 for its full term to 9 July 2021; and-Technical confirmation of geological data carried out by Sumitomo on PL01/18.
Malachite can elect to earn its 15% interest as follows:
a) a 7.5% shareholding in Sunshine by spending A$100k on work principally progressing the Jejevo geological data to 2012 JORC;
b) a further 7.5% shareholding in Sunshine by spending a further A$125k on work principally associated with progressing the Jejevo geological data to JORC and advancing technical work in preparation for a mining lease application. Malachite will seek regulatory approvals as required.
Gunsynd currently holds 18.2% of the issued share capital of Sunshine; the reduction from the 19.8% notified on 27 September 2019 arose from the conversion of some accrued salaries. Should Malachite acquire 15% of Sunshine as detailed above, Gunsynd's interest would reduce to 15.5%.
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 Hamish Harris +44 20 7440 0640 Cairn Financial Advisers LLP James Caithie / Liam Murray +44 20 7213 0880 Peterhouse Corporate Finance Lucy Williams +44 20 7469 0930
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDUGGMAPUPBUBP
(END) Dow Jones Newswires
December 02, 2019 05:00 ET (10:00 GMT)
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