Update on Oyster Oil and Gas

RNS Number : 2882B

Gunsynd PLC

06 June 2019

 

Gunsynd plc

("Gunsynd" or the "Company")

Update on Oyster Oil and Gas

The Board of Gunsynd (AIM: GUN, NEX: GUN) notes the recent movement in the Company's share price and wishes to provide an update further to its announcement dated 4 March 2019.

As announced on 21 July 2017, Gunsynd invested £250,000 by way of a convertible loan into Oyster Oil and Gas Ltd ("Oyster"; listed on TSX Venture Exchange under the symbol "OY"). On 4 March 2019, the Company subsequently announced that Gunsynd and Northbay Capital Partners Corp. (also a debtor of Oyster) had reached conditional agreement ("Agreement") with Oyster to settle the aggregate outstanding loan amount of CAD1,426,500 owed to them. Gunsynd's loan represents circa 30% of the total outstanding loan amount.

Under the terms of the Agreement, the total outstanding loan amount is to be exchanged for the entire share capital of Oyster's wholly-owned operating subsidiary, Oyster Oil & Gas Limited ("Subco"), established under the laws of the British Virgin Islands.

The Agreement is subject to the approval of the shareholders of Oyster and also subject to the review and approval of the TSX Venture Exchange.

Gunsynd notes the recent movement in the Company's share price and wishes to announce that the Oyster shareholder meeting is due to be held on Friday, June 7, 2019 at 10:00 a.m. Vancouver time (6:00 p.m. UK time) at Suite 2200, HSBC Building, 885 West Georgia Street, Vancouver, British Columbia.

A further announcement will be made in due course.

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]

 

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