Farm-In Agreement for Uranium Assets

Gunsynd PLC

05 August 2024

 

Gunsynd PLC

("Gunsynd" or the "Company")

Farm-In Agreement for Uranium Assets

Gunsynd (AIM: GUN), the AIM quoted investing company, is pleased to announce that, further to the announcement of 11 July 2024, it has entered into a farm-in agreement (the "Agreement") with Pinwheel Resources Ltd (the "Vendor") in relation to certain licences over prospective acreage in Canada (the "Transaction").

Gunsynd has acquired a 100% legal and beneficial interest in the Falcon Lake U-Cu-Co project and Bear-Twit VMS project in Canada (the "Projects") and consideration of £200,000 will be satisfied by:

·     Issue of 115,384,615 new ordinary shares at a price of 0.13 pence per share for a total consideration of £150,000.

·     £50,000 in cash (£25,000 paid on completion, £25,000 deferred to the earlier of: (a) 10 business days after completion of a qualifying fundraise of at least £200,000, or (b) the first anniversary of the Agreement).

·      Gunsynd commits to minimum funding of £100,000 per annum for two years for agreed work programmes.

·     Gunsynd has a right of first refusal on certain additional uranium licences that the Vendor is in the process of securing.

·     The Vendor will hold the Projects on trust for Gunsynd until transfer to a special purpose vehicle or termination of the Agreement.

·     Pinwheel Resources to be appointed as initial operator of the Projects

The Projects comprise mineral claims and permits in the Northwest Territories and Nunavut, as previously detailed in the July 2024 announcement.

Hamish Harris, Chairman of Gunsynd, commented:

"We are pleased to announce the acquisition of the Falcon Lake U-Cu-Co Project and the Bear Twit VMS Project in Canada. These acquisitions align with our strategic objective of expanding our portfolio with high-potential exploration assets.

"We look forward to updating our shareholders on the progress and potential of these new investments."

Admission of New Ordinary Shares

Application will be made to the London Stock Exchange for the admission of 115,384,615 new ordinary shares to trading on AIM and to the Aquis Stock Exchange Growth Market ("Admission"). Admission is expected to occur on or around 8 August 2024. The new ordinary shares will rank pari passu with the existing ordinary shares.

Total Voting Rights

For the purposes of the Disclosure and Transparency Rules, following Admission, the Company's issued share capital will comprise 726,411,890 ordinary shares of 0.085p each. This figure may be used by shareholders as the denominator for calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of 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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