Gunsynd Plc
("Gunsynd" or the "Company")
Acquisition of Additional
Canadian Uranium project
Gunsynd (AIM: GUN), an investing
company, is pleased to announce that it has entered into a farm-in
agreement (the "Agreement") in relation to certain licences over
prospective acreage in Canada (the
"Transaction").
Gunsynd has acquired a 100% legal
and beneficial interest in the West Dismal uranium project in
Nunavut Canada (the "Project") for consideration of £35,000 which
will be satisfied by:
· Issue of
13,333,333 new ordinary shares at a price of 0.15 pence per share
for a total consideration of £20,000 to Pinwheel Resources Ltd
("Pinwheel Resources").
· £15,000 in cash to
Pinwheel Resources
· The Project
will be held on trust for Gunsynd until transfer to a special
purpose vehicle or termination of the Agreement.
· Pinwheel Resources
to be appointed as initial operator of the Project
Gunsynd has agreed to grant to
Pinwheel Resources a 1.5% net smelter royalty ("NSR"), payable over
the license/permits in the Project as well as the existing Falcon
and Bear Twit projects announced 11 July 2024 (together the
"Projects"), comprising the gross proceeds of the sale of ores,
concentrates, metals, minerals and mineral by-product that are
produced or extracted at the Projects.
|
Claim Number
|
Claim Status
|
Issue Date
|
Anniversary Date
|
Area (Ha)
|
Number of Units
|
|
104822
|
ACTIVE
|
13/07/2024
|
13/07/2026
|
1,396
|
90
|
|
104849
|
ACTIVE
|
22/07/2024
|
22/07/2026
|
682
|
44
|
|
104827
|
ACTIVE
|
13/07/2024
|
13/07/2026
|
667
|
43
|
Admission of
New Ordinary Shares
Application will be made to the London Stock
Exchange for the admission of 13,333,333
new ordinary shares to trading on AIM ("Admission").
Admission is expected to occur on or around 23 August 2024. The new
ordinary shares will rank pari
passu with the existing ordinary shares.
Total Voting
Rights
For the purposes of the Disclosure and
Transparency Rules, following Admission, the Company's issued share
capital will comprise 739,745,223 ordinary shares of 0.085p each.
This figure may be used by shareholders as the denominator for
calculations to determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Disclosure and Transparency Rules.
Hamish Harris, Chairman of Gunsynd,
commented:
"We are pleased to announce the
acquisition of additional licences close to our existing Falcon
Lake Project in Canada. There has been a significant amount of
activity in terms of licence acquisition in the area recently and
Gunsynd is excited to have been able to acquire a number of claims
in the area which we believe hold potential, particularly for
uranium. We expect the operator will complete initial
reconnaissance over the Falcon and West Dismal projects in the
coming weeks and we will provide a further update when results
become available."
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.
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
|
+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
|
Project details
The West Dismal Project covers 2,745 hectares
of U-Cu prospective ground in Nunavut, northern Canada. It lies
just south of the Dismal Lakes and less than 5km away from
Gunsynd's Falcon project.
Project
Geology and Mineralisation
The West Dismal Uranium zone covers a 6 km E/W
trending train of radioactive glacial boulders of quartz sandstones
identified in the 1970s. Detailed work between 1977-1980 identified
over 400 radioactive boulders which returned grades up to 3.3%
U3O8.
Location
map
