Additional Investment - Eagle Mountain Mining

RNS Number : 0877C

Gunsynd PLC

14 October 2020

 

Gunsynd plc

("Gunsynd" or the "Company")

Additional Investment - Eagle Mountain Mining

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that further to the announcement made on 21 September 2020, it has invested an additional A$125,000 (approximately £70,000) in Eagle Mountain Mining Limited ("Eagle Mountain"), an ASX listed copper-gold exploration and development company (ASX: EM2).

The Eagle Mountain investment was executed on the following terms:

· subscription for 416,667 ordinary shares at A$0.30c for a total consideration of A$125,000;

· the investment is a part of a of A$1.5 million capital raising supported by institutional investors;

·     Silver Mountain Nominee Pty Ltd, an entity associated with Eagle Mountain's Managing Director, Charles Bass, exercised 4.5 million options in Eagle Mountain, contributing A$1.35 million;

·     the funds will be used by Eagle Mountain to primarily extend the drilling program at the high-grade Oracle Ridge Copper Mine in Arizona and continue near mine exploration; and

·Gunsynd PLC now holds 2,563,172 shares in Eagle Mountain representing approximately 1.8% of its issued share capital.

About Eagle Mountain Mining Limited

Eagle Mountain Mining Limited (ASX: EM2), established in 2017, is a copper-gold explorer focused on the strategic exploration and development of advanced and greenfield projects in Arizona.

Arizona is at the heart of America's mining industry and home to some of the world's largest copper discoveries, now owned by major mining companies including BHP, Rio Tinto, Freeport McMoRan and Hudbay. Eagle Mountain's Oracle Ridge and Silver Mountain Projects are within the Laramide Arc which hosts many of these significant copper porphyry deposits.

Oracle Ridge is a high grade, advanced stage underground copper/gold/silver project. The project includes an NI43-101 resource of 11.7mt at 1.57%Cu, 17.47g/t Ag and 0.18g/t Au. Eagle Mountain believes there is significant potential to expand the known resources through additional drilling, along with exploration at depth to define the source of the mineralisation.

Peter Ruse, a director of Gunsynd, commented: "Gunsynd was pleased to have opportunity to participate in the latest financing in Eagle Mountain. The company's drilling program is well progressed, and this additional capital allows the company to continue the drilling program on an expanded basis. The options exercise by the Founder and CEO - Charles Bass demonstrates a strong signal of support and is encouraging for all shareholders. We look forward to results from the drilling program in due course."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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.

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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