Acquisition of Additional Canadian Uranium project

Gunsynd PLC

19 August 2024

 

Gunsynd Plc

("Gunsynd" or the "Company")

Acquisition of Additional Canadian Uranium project

Gunsynd (AIM: GUN), an investing company, is pleased to announce that it has entered into a farm-in agreement (the "Agreement") in relation to certain licences over prospective acreage in Canada (the "Transaction"). 

Gunsynd has acquired a 100% legal and beneficial interest in the West Dismal uranium project in Nunavut Canada (the "Project") for consideration of £35,000 which will be satisfied by:

 ·     Issue of 13,333,333 new ordinary shares at a price of 0.15 pence per share for a total consideration of £20,000 to Pinwheel Resources Ltd ("Pinwheel Resources").

·     £15,000 in cash to Pinwheel Resources

·     The Project will be held 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 Project

Gunsynd has agreed to grant to Pinwheel Resources a 1.5% net smelter royalty ("NSR"), payable over the license/permits in the Project as well as the existing Falcon and Bear Twit projects announced 11 July 2024 (together the "Projects"), comprising the gross proceeds of the sale of ores, concentrates, metals, minerals and mineral by-product that are produced or extracted at the Projects.

Claim Number	Claim Status	Issue Date	Anniversary Date	Area (Ha)	Number of Units
104822	ACTIVE	13/07/2024	13/07/2026	1,396	90
104849	ACTIVE	22/07/2024	22/07/2026	682	44
104827	ACTIVE	13/07/2024	13/07/2026	667	43

Admission of New Ordinary Shares

Application will be made to the London Stock Exchange for the admission of 13,333,333 new ordinary shares to trading on AIM ("Admission"). Admission is expected to occur on or around 23 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 739,745,223 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.

Hamish Harris, Chairman of Gunsynd, commented: 

"We are pleased to announce the acquisition of additional licences close to our existing Falcon Lake Project in Canada. There has been a significant amount of activity in terms of licence acquisition in the area recently and Gunsynd is excited to have been able to acquire a number of claims in the area which we believe hold potential, particularly for uranium.  We expect the operator will complete initial reconnaissance over the Falcon and West Dismal projects in the coming weeks and we will provide a further update when results become available."

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. 

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]

 Project details

The West Dismal Project covers 2,745 hectares of U-Cu prospective ground in Nunavut, northern Canada. It lies just south of the Dismal Lakes and less than 5km away from Gunsynd's Falcon project.

Project Geology and Mineralisation

The West Dismal Uranium zone covers a 6 km E/W trending train of radioactive glacial boulders of quartz sandstones identified in the 1970s. Detailed work between 1977-1980 identified over 400 radioactive boulders which returned grades up to 3.3% U₃O₈.

Location map

 

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