Gunsynd PLC
("Gunsynd" or the
"Company")
Termination of Black Schist Nickel
Farm-In
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to
announce that it has, in agreement with Metals One plc ("Metals
One"), decided to terminate the farm-in to the Black Schist project
in Finland.
Gunsynd notes the announcement by Metals One
today, an excerpt of which can be viewed below:
"Gunsynd Farm-In Termination
Agreement
On 25 July
2023, Metals One entered into a subscription and shareholders'
agreement between Metals One, Metals One
Finland Oy (formerly named FinnAust Mining Northern Oy) ("Metals
One Finland") and Gunsynd, as detailed in the Company's admission
document, pursuant to which Gunsynd agreed to subscribe for such
number of shares in the capital of Metals One Finland (which holds
the Black Schist Project) as is equal to 25% of the voting rights
of Metals One Finland, at an aggregate subscription price of
£1,000,000 over four tranches of £250,000 (the "Gunsynd
Farm-In").
On 16
November 2023, Gunsynd subscribed for the initial 6.25% tranche of
the voting rights of Metals One Finland for an aggregate price of
£250,000.
Alongside
today's Placing, the Company has reached an agreement with Gunsynd
to terminate the Gunsynd Farm-In. As part of
the termination agreement, Metals One has been granted a three year
option to re-acquire the 6.25% of Metals One Finland currently held
by Gunsynd for an aggregate consideration of
£250,000
payable, at the discretion of the Company, either wholly or
partly in cash or Ordinary Shares in the capital of the Company at
the greater of the Placing Price or the 30 day VWAP prior to
exercising the option (such Ordinary Shares, if used as
consideration, will be locked-in for a period of 12 months from the
date of allotment and issue of such shares).
As part of
the Gunsynd Farm-In, Gunsynd was also granted warrants to subscribe
for 1,500,000 Ordinary Shares in the Company. These warrants have
been cancelled as part of the termination
agreement."
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.
For further
information please contact:
|
Gunsynd
plc
Hamish Harris/ Peter Ruse
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+44 (0) 78 7958 4153
|
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Cairn
Financial Advisers LLP
James Caithie / Liam Murray
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+44 (0) 20 7213 0880
|
|
Peterhouse
Capital Limited
Lucy Williams
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+44 (0) 20 7469 0936
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