Gunsynd PLC New Investment - Anglo Saxony Mining (2578T)
24 March 2021 - 6:00PM
UK Regulatory
TIDMGUN
RNS Number : 2578T
Gunsynd PLC
24 March 2021
Gunsynd plc
("Gunsynd" or the "Company")
New Investment - Anglo Saxony Mining
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it
has invested GBP125,000 in Anglo Saxony Mining Limited ("ASM"), a
public unlisted tin development and exploration company.
The ASM investment was executed on the following terms:
-- subscription for 833,333 ordinary shares at 15 pence per
share for a total consideration of GBP125,000;
-- following this capital raising ASM will have 135,000,000
(fully diluted) shares in issue for pro-forma equity valuation of
GBP20.25 million;
-- Gunsynd's investment is a part of a of GBP5,000,000 capital
raising supported by institutional and high net worth UK, German
and Australian investors; and
-- funds will be used for resource expansion drilling, resource
conversion, metallurgical test work and PFS & Optimisation
studies. ASM has ambitions to carry out an IPO during 2021.
About Anglo Saxony Mining Limited
ASM plans to establish sustainable tin production and processing
from the Tellerhäuser Mine in Saxony, Germany. The Tellerhäuser
Mine has a 50-year mining licence granted in 2020 with final
permitting well advanced. The local Erzgebirge area has 800 years
of mining history, including the world's oldest School of Mines.
The Tellerhäuser mine comes with 150,000m of tunnels and other
underground development, approx. 140,000m of historical drilling
and 3,000m of channel sampling from past owners of the project. ASM
has ambitions to become a sustainable tin producer from a
zero-waste mine by carrying out all of its processing and waste to
be located in underground voids. The waste material will be stored
and treated via water treatment facility in-situ and pumped to a
nearby storage plant.
Peter Ruse, a director of Gunsynd, commented: "Gunsynd is
pleased to have the opportunity to participate in the financing for
ASM - an exciting tin development opportunity in Western Europe.
Tin as a commodity has caught the market's attention since late
2020, with prices rising quickly on the back of a fundamental
supply-demand mismatch coming out of the COVID-19 pandemic. The
Tellerhäuser deposit benefits from extensive mine infrastructure
from past investment and exploration expenditure. The deposit sits
on the doorstep of numerous German and Austrian tin and zinc
smelters in a region with 800 years of active mining
operations."
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.
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.
For further information please contact:
Gunsynd plc
Hamish Harris/ Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray / Mark Rogers +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
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END
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