Gunsynd PLC Conditional further investment in Rincon Resources (2405Z)
September 13 2022 - 2:41AM
UK Regulatory
TIDMGUN
RNS Number : 2405Z
Gunsynd PLC
13 September 2022
13 September 2022
Gunsynd plc
("Gunsynd" or the "Company")
Conditional further investment in Rincon Resources Limited
Further to the announcement on 25 January 2021, Gunsynd Plc
(AIM: GUN, AQSE: GUN) announces that it has conditionally invested
approximately a further GBP100,000 in one of its investee
companies, Rincon Resources Limited ("Rincon") (ASX: RCR), an ASX
listed Australian gold and base metals exploration company. This
further investment is subject to Rincon shareholder approval at a
general meeting of Rincon shareholders to be held during Q4
2022.
The Gunsynd investment is part of a conditional capital raise of
up to AUD$1.2million announced on 13 September 2022 by Rincon
(consisting of 15 million shares at AUD 8 cents) ("Capital Raise")
supported by existing and new investors. Gunsynd has signed a
conditional placement commitment letter for 2,165,812 shares at 8
AUD cents for a total consideration of AUD$173,265, from the
Company's existing cash resources. Rincon intends to utilise the
funds raised pursuant to the Capital Raise to explore its existing
and proposed projects and for general working capital.
Gunsynd currently holds 8.9 million ordinary shares in Rincon
representing approximately 17.34% of Rincon's issued share capital.
Following the Capital Raise, Gunsynd will hold 11,065,812 ordinary
shares in Rincon representing approximately 16.68% of Rincon's
issued share capital.
Donald Strang, Executive Director of Gunsynd, is a Non-Executive
Director of Rincon and holds 300,000 ordinary shares in Rincon.
For the year ended 30 June 2021, Rincon had turnover of AUD$621
and made a loss of AUD$1,172,095.
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/ 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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END
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