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Gunsynd PLC - Update on Black Schist Projects & share disposal

Announcement provided by

Gunsynd Plc · GUN

27/07/2023 07:00

Gunsynd PLC - Update on Black Schist Projects & share disposal
RNS Number : 3311H
Gunsynd PLC
27 July 2023

Gunsynd Plc

("Gunsynd" or the "Company")


Update on Conditional Farm-in to Black Schist Projects in Finland and partial disposal of Charger Metals shares


Gunsynd (AIM: GUN; AQSE: GUN) is pleased to announce that it has signed  a subscription and shareholders agreement with respect to the conditional farm in agreement with Metals One Plc ("Metals One") which  was previously announced by the Company on 21 June 2022 as a binding heads of terms to farm into the Black Schist Projects in Finland (the "Projects"), containing a nickel-zinc-copper-cobalt deposit proximal, and analogous, to the large Talvivaara mine.


Gunsynd agreed to provide funding to Metals One of £1 million for the development of the Projects (the "Investment"), for which it will be issued such number of new shares in the capital of Finnaust Mining Northern OY ("Finnaust") (which holds the Projects), which equal 25% of the fully diluted voting rights in Finnaust (the "Farm-in").


The Investment is conditional upon Metals One's ordinary shares being admitted to trading on the AIM market of the London Stock Exchange ("Admission") and the simultaneous acquisition of Finnaust by Metals One. The Company understands that Admission of Metals One and the simultaneous acquisition of Finnaust is now likely to take place on or around 31 July 2023.


Gunsynd will provide the £1 million funding and receive a total of 25% of Finnaust (assuming no further share issuances by Finnaust) over a period of 18 months in four equal tranches, with the first being due 90 days after Metals One's Admission and thereafter at six monthly intervals, to be invested in the development of the Projects.


Warrants and Board Representation 


In addition to Gunsynd's 25 percent interest in Finnaust, it will receive 1,500,000 warrants to subscribe for new ordinary shares in Metals One at the admission price exercisable over a period of three and a half years from the date of Admission.


Following settlement of the first Farm-in instalment, Gunsynd will have the right to appoint a director to the board of Finnaust. 


Sale of investee company shares 


Gunsynd has recently sold 440,000 ordinary shares in Charger Metals NL ("Charger") (ASX: CHR), for AUD$192,466 (approx £100,000) at an average price of AUD$ 0.437 per ordinary share. Gunsynd continues to hold 2,537,060 shares in Charger representing approximately 4.1% of the issued share capital of Charger.  


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. 


The Directors of Gunsynd accept responsibility for this announcement.  


For further information, please contact:

Gunsynd plc

Hamish Harris/ Peter Ruse

+44 (0) 78 7958 4153

Cairn Financial Advisers LLP

James Caithie / Liam Murray

+44 20 7213 0880

Peterhouse Capital Limited

Lucy Williams

+44 20 7469 0936





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