REG - Gunsynd PLC - Farm-In Agreement for Uranium Assets

GunsyndAnnouncement

05/08/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240805:nRSE0768Za&default-theme=true

RNS Number : 0768Z  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     +44 (0) 78 7958 4153

 Cairn Financial Advisers LLP

 James Caithie / Liam Murray   +44 (0) 20 7213 0880

 Peterhouse Capital Limited

 Lucy Williams                 +44 (0) 20 7469 0936

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRUPURWRUPCPUC