Further Placing to Raise £104,000

RNS Number : 1846S

Gunsynd PLC

07 July 2020

 

Gunsynd PLC

("Gunsynd" or the "Company")

Further Placing to Raise £104,000

Further to the placings announced by the Company on 11 June 2020 and 6 July 2020, Gunsynd (AIM: GUN, AQSE: GUN) announces that, in order to satisfy excess investor demand, it has placed a further 16,000,000 new ordinary shares to raise gross proceeds of approximately £104,000 (the "Placing"). The new ordinary shares have also been placed at a price of 0.65 pence per share (the "Placing Price").

In line with the placings announced on 11 June and 6 July, the places ("Placees") will also receive one warrant for every three ordinary shares subscribed for, exercisable at 1.3 pence (the "Placing Warrants") and expiring on the one-year anniversary of the date of issue. In aggregate, 5,333,334 Placing Warrants will be issued.

The net proceeds of the Placing will provide the Company with additional funding to progress its activities and make investments in line with its stated investing policy.

Related Party Transactions

Peter Ruse and Donald Strang, Directors of the Company, have, on the same terms as the Placees above, subscribed for £31,000 in aggregate, being 4,769,231 new ordinary shares in the placing representing 30% of the total Placing ("Director Participation"). Further, as participants in the Placing on the same terms as the Placees above, Peter Ruse and Donald Strang will each receive Placing Warrants, on the basis of one warrant for every three ordinary shares subscribed for, on the same terms as the Placees.

The shareholdings of the Directors in question both prior to and subsequent to the Director Participation are as follows:

Director	No. of shares	Subscription shares	Resultant no. of shares	% of issued share capital
Peter Ruse	764,706	2,400,000	3,164,706	1.24
Donald Strang	8,450,980	2,369,231	10,820,211	4.25

The subscriptions described above, including the issue of the Placing Warrants, are deemed to be related party transactions for the purposes of Rule 13 of the AIM Rules. Hamish Harris, being the sole independent director of the Company for the purposes of this subscriptions, considers, having consulted with the Company's Nominated Adviser, that the terms of the subscriptions and the issue of the Placing Warrants are fair and reasonable insofar as shareholders are concerned.

The Placing Shares will rank pari passu with the existing Ordinary Shares and an application has been made to the London Stock Exchange for admission of the 16,000,000 Placing shares to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on or around 13 July 2020. 

Total voting rights

Following Admission, the Company's issued share capital will comprise 254,367,047 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury. The figure of 254,367,047 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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 Capital Limited Lucy Williams	[phone]

 

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