Issue of Equity and further investment in Zenith

RNS Number : 7335T

Gunsynd PLC

10 January 2017

 

10 January 2017

Gunsynd plc

("Gunsynd" or the "Company")

Issue of Equity and further investment in Zenith Energy

Issue of Equity

Gunsynd (AIM: GUN, ISDX: GUN) announces that it has raised £701,000, gross of expenses, through the issue of 1,752,500,000 new shares of 0.01p each in the Company ("Placing Shares") at a placing price of 0.04 pence per share with certain institutional and private investors ("the "Placing"). This Placing is to raise funds to assist in progressing possible investment opportunities that the Company is currently looking at.  Application is being made for the Placing Shares, which will, on issue, rank pari passu with the existing ordinary shares, to be admitted to trading on AIM and such admission is expected to occur on or around 16 January 2017. The Placing Shares will be admitted to trading on NEX Exchange simultaneously with the admission to AIM.

The Company will therefore have 3,522,630,373 Ordinary Shares in issue with voting rights and admitted to trading on AIM and NEX Exchange. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Further investment in Zenith Energy

The Company is also pleased to announce that it has signed a subscription agreement with Zenith Energy Limited ("Zenith"), an oil production company based in Azerbaijan, to invest £375,000 in the upcoming IPO on the standard list of the London Stock Exchange.  Zenith's admission date will be 11^th January 2017.

Hamish Harris, executive Chairman of the Company, commented: "This fundraise allows us to make a further substantial investment into Zenith Energy which we believe offers substantial upside opportunity for the Company.  We also keenly await the results of the workover program which should begin shortly.  Likewise results from drilling at the Brockham licence in the Weald basin should be released soon which the company has exposure to via Alba Mineral Resources plc.  Any success should also impact the value of our 2% stake in Horse Hill Developments Ltd by further validating the results from the Horse Hill well drilled by UKOG. The Company is also in discussion with other parties with respect to possible investments and we will update shareholders as appropriate regarding this.  In short 2017 looks a very exciting time for the Company with plenty of near term drilling providing scope for a substantial rerating of the Company".

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:

[phone]

Hamish Harris

Nominated Adviser/NEX Exchange Corporate Adviser:

[phone]

Cairn Financial Advisers LLP

James Caithie / Liam Murray

Peterhouse Corporate Finance (Joint Broker)

[phone]

Lucy Williams

 

END

 

 

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