Further Investment - Rincon Resources Pty Ltd

RNS Number : 8372Q

Gunsynd PLC

23 June 2020

 

Gunsynd plc

("Gunsynd" or the "Company")

Further Investment - Rincon Resources Pty Ltd

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that, further to the announcement of 22 June 2020, it has invested an additional A$50,000 (approximately £27,750) in Rincon Resources Pty Ltd ("Rincon"). This additional investment was funded in-part via proceeds received from the sale of the Company's shareholding in United Oil & Gas PLC (AIM: UOG).

Rincon additional investment was executed on the following terms:

· Subscription for 3,012,049 ordinary shares at A$0.0166 for the total sum of A$50,000.

· The additional investment will increase the Company's aggregate ownership to 28.4% of the enlarged capital structure of Rincon Resources upon completion of this A$600,000 capital raising.

Disposal of UOG shares

· Gunsynd has disposed of 1,939,359 shares in UOG at an average price of 2.93 pence per share for a total gross consideration of £56,823.

· Following this disposal, Gunsynd no longer holds an interest in UOG.

Peter Ruse, Gunsynd PLC Director, commented: "Gunsynd is pleased to be offered the opportunity to increase its position in Rincon Resources. As mentioned in our previous announcement, we look forward to advancing Rincon Resources to be in a position to unlock significant value via their initial drill programme in the coming months."

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

 

END

 

 

FURBSGDLRUDDGGX