Update on Oyster Oil and Gas

RNS Number : 7917R

Gunsynd PLC

04 March 2019

 

Gunsynd plc

("Gunsynd" or the "Company")

Update on Oyster Oil and Gas

The Board of Gunsynd (AIM: GUN, NEX: GUN) notes the announcement made on 1 March 2019 by Oyster Oil and Gas Ltd. ("Oyster"; listed on TSX Venture Exchange under the symbol "OY"), in which Gunsynd invested £250,000 by way of a convertible loan on 21 July 2017, stating that Northbay Capital Partners Corp. and Gunsynd have reached conditional agreement ("Agreement") with Oyster to settle aggregate debts of CAD1,426,500 owed to them by Oyster  in exchange for the outstanding share capital of Oyster's wholly-owned operating subsidiary, Oyster Oil & Gas Limited ("Subco"), established under the laws of the British Virgin Islands.

Oyster's production sharing contracts in Madagascar and Djibouti are held through Subco.

The Agreement is subject to the approval of the shareholders of Oyster, which Oyster intends to seek at a meeting of shareholders in the near term.  It is also subject to the review and approval of the TSX Venture Exchange.

The future board composition of Subco is still under discussion and a further announcement will be made in due course.

In addition to the convertible loan note, Gunsynd holds 2,313,000 ordinary shares in Oyster representing approximately 5.29% of Oyster's issued share capital.

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	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Corporate Finance Lucy Williams	[phone]

 

END

 

 

UPDJIMATMBIMBLL