Gunsynd PLC Update on Sunshine Minerals (3092V)
02 December 2019 - 9:00PM
UK Regulatory
TIDMGUN
RNS Number : 3092V
Gunsynd PLC
02 December 2019
Gunsynd plc
("Gunsynd" or the "Company")
Update on Sunshine Minerals
Gunsynd Plc (AIM: GUN, NEX: GUN) notes the announcement of
Malachite Resources (ASX: MAR; "Malachite") in that it has entered
into a Share Subscription Agreement with Sunshine Minerals Limited
("Sunshine") to acquire up to 15% of it.
The key terms of the acquisition are summarised below:
Malachite pays $75k in two tranches to Sunshine to extend an
exclusivity period to 31 March 2020 - these funds will be allocated
to due diligence and corporate costs. The first tranche of A$25k is
payable upon signing of the subscription agreement. The second
tranche of A$50k is conditional on:-Solomon Islands mines
department board approval to retain PL01/18 for its full term to 9
July 2021; and-Technical confirmation of geological data carried
out by Sumitomo on PL01/18.
Malachite can elect to earn its 15% interest as follows:
a) a 7.5% shareholding in Sunshine by spending A$100k on work
principally progressing the Jejevo geological data to 2012
JORC;
b) a further 7.5% shareholding in Sunshine by spending a further
A$125k on work principally associated with progressing the Jejevo
geological data to JORC and advancing technical work in preparation
for a mining lease application. Malachite will seek regulatory
approvals as required.
Gunsynd currently holds 18.2% of the issued share capital of
Sunshine; the reduction from the 19.8% notified on 27 September
2019 arose from the conversion of some accrued salaries. Should
Malachite acquire 15% of Sunshine as detailed above, Gunsynd's
interest would reduce to 15.5%.
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 +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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