Gunsynd PLC Oyster Oil & Gas Update (8823C)
20 June 2019 - 6:11PM
UK Regulatory
TIDMGUN
RNS Number : 8823C
Gunsynd PLC
20 June 2019
Gunsynd plc
("Gunsynd" or the "Company")
Oyster Oil and Gas update
Gunsynd notes that ZTR Acquisition Corp. (formerly, Oyster Oil
and Gas Ltd.) ("ZTR") announced that it has transferred all of the
outstanding share capital of its wholly-owned operating subsidiary,
Oyster Oil & Gas Limited ("Subco"), to Northbay Capital
Partners Corp. and Gunsynd PLC and certain other creditors,
primarily being directors and former directors of ZTR
(collectively, the "Creditors"), in settlement (the "Settlement")
of outstanding debts owing to the Creditors in connection with
certain convertible debentures issued by ZTR. Following completion
of the Settlement, the Creditors have assumed responsibility for
the management and obligations of Subco.
Of the 1,000 shares issued to the Creditors, Gunsynd will
receive 225 shares.
Hamish Harris, the Company's Executive Chairman, commented:
"We are now in a position to move forward with the asset after
the general meeting and debt for equity swap. The immediate focus
is for the project company to raise a small amount of money for
working capital and a limited work programme with an eye to farming
out to a larger partner for the drilling phase. Gunsynd, Northbay
Capital and Subco are currently in discussions with parties
regarding both financing and management of Subco. It has also been
agreed that Gunsynd is entitled to board representation on Subco.
The Company would like to reiterate that we are a minority
shareholder, we do not have control, we are not the operator nor
are we in a position to determine the timing of any news
releases."
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 +44 20 7440 0640
Cairn Financial Advisers
LLP
James Caithie / Liam Murray
/ Ludovico Lazzaretti +44 20 7213 0880
Peterhouse Corporate Finance
Lucy Williams +44 20 7469 0930
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contact rns@lseg.com or visit www.rns.com.
END
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