Gunsynd PLC Further Investment Rincon Resources and IPO Update (2992E)
November 05 2020 - 1:00AM
UK Regulatory
TIDMGUN
RNS Number : 2992E
Gunsynd PLC
05 November 2020
Gunsynd plc
("Gunsynd" or the "Company")
Further Investment Rincon Resources and ASX IPO Update
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it
has invested a further A$100,000 (approximately GBP54,700) in
Rincon Resources Pty Ltd ("Rincon"), an Australian gold and base
metals exploration company, via a convertible loan. This investment
follows its previous investments in Rincon as announced on the 22
and 23 June 2020. Gunsynd has also received an update on Rincon's
proposed Australian Securities Exchange (ASX) listing which is
detailed below.
This further investment in Rincon was on the following
terms:
-- subscription for ordinary shares via the total sum of
A$100,000 via a convertible loan agreement; and
-- the convertible loan will convert at a 30% discount to the
planned IPO price of Rincon listed shares.
Rincon announced it had lodged a prospectus with Australian
Securities and Investments Commission (ASIC) for an Initial Public
Offering (IPO) to raise a minimum of A$5 million, targeted for
early December (refer to the Indicative Timetable below).
Gunsynd's investment is part of a A$400,000 fund raise via a
convertible loan to fund the pre-IPO activities and completion of
the IPO.
Indicative Timetable for the IPO:
Lodgement of Prospectus with the ASIC - 3 November 2020
Exposure Period begins - 3 November 2020
Opening Date - 10 November 2020
Closing Date - 24 November 2020
Issue of Offer Shares and dispatch of holding 30 November 2020
statements -
Expected date for quotation on ASX - 10 December 2020
About Rincon Resources
Rincon Resources is a Western Australian ("WA") focused gold and
base metals exploration company. It currently holds the rights to
three highly prospective projects in WA, the most significant of
which, South Telfer, a 50,000-hectare project in the Paterson
province, is approximately 12km south from Newcrest Limited's
Telfer mine. The two others are highly prospective copper-gold
projects - Laverton and Kiwirrkurra.
Peter Ruse, Gunsynd plc Director, commented: "Gunsynd is pleased
to continue to add to its existing investment in Rincon Resources.
Rincon has what we believe to be a very exciting portfolio of
copper/gold projects - particularly the South Telfer project in the
Paterson region of Western Australia. The Paterson region is
establishing itself as one of the most highly sought-after
Gold/copper regions in Australia. There has been past and present
exploration success for existing ASX and AIM mining exploration
companies, most recently Newcrest Mining (ASX: NCM) and Greatland
Gold PLC (AIM: GGP) - Haverion Gold discovery. We believe Rincon
will be in a position to unlock significant value via this upcoming
IPO 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 / 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
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