Gunsynd PLC Update re: Kolosori (7146Y)
14 Mai 2021 - 1:37PM
UK Regulatory
TIDMGUN
RNS Number : 7146Y
Gunsynd PLC
14 May 2021
Gunsynd plc
("Gunsynd" or the "Company")
Update re: Kolosori
Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement by
Pacific Nickel Mines Limited ("Pacific Nickel"), which is listed on
ASX (ASX: PNM). Pacific Nickel advised that it has completed the
acquisition of an 80% interest in Kolosori Nickel (SI) Limited
("KNL"), a company incorporated in the Solomon Islands, by issuing
8,375,000 shares in accordance with the terms of the Share Purchase
Agreement. KNL currently owns PL 05/19, which comprises the
Kolosori Nickel Project.
The consideration of $670,000 was satisfied by the issue of
8,375,000 fully paid ordinary shares in Pacific Nickel at a deemed
issue price of $0.08 (Upfront Consideration Shares). The Upfront
Consideration Shares were adjusted from 9,375,000 in accordance
with the terms of the Share Purchase Agreement ("SPA"). The number
of shares issued to Gunsynd was 682,790 as per the SPA.
Pursuant to the SPA, payment of up to $1,250,000 will be
satisfied through the issue of up to 15,625,000 Pacific Nickel
shares at a deemed issue price of $0.08 each within 10 business
days of the date each of the following conditions have been
satisfied and remain satisfied:
i. a mining lease for Prospecting Licence Tenement is granted
for PL 05/19 by the Mines Department; and
ii. confirmation of Indicated Mineral Resources at the
Prospecting Licence Tenement in accordance with JORC Code 2012 at a
minimum of 6 million tonnes at a minimum grade of 1.6% Ni (which
includes 3.9 million tonnes at a minimum grade of 1.7% Ni
(saprolite).
All Pacific Nickel shares issued to the vendors are subject to
voluntary escrow arrangements; for the Upfront Consideration
Shares, the earlier of 12 months from their date of issue or 10
business days after the granting of a mining licence for PL
05-19.
Following completion of the acquisition of KNL by Pacific
Nickel, Gunsynd holds no direct interest in KNL and has an interest
in 1,945,757 ordinary shares of Pacific Nickel. Subject to Pacific
Nickel satisfying the conditions noted above, Gunsynd will receive
1,137,984 Deferred Consideration Shares.
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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