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(Alliance News) - Shares in Gunsynd PLC rose on Friday as it said it has invested a further AUD800,000 - around GBP450,000 - into Australian gold and base metals exploration company Rincon Resources Pty Ltd.
The stock was trading 27% higher at 2.61 pence each on Friday morning in London.
The investment company focused on the natural resources sector stated it subscribed for 4 million shares at 20 cents each as part of Rincon's initial public offering for its listing on the Australian Securities Exchange.
Gunsynd added Rincon has received approval to list on the ASX from Monday. Upon listing, Rincon will have 51.3 million shares in issue, having raised AUD6 million as part of its IPO. Gunsynd will hold 8.5 million shares, equating to a 17% stake.
"Gunsynd is pleased to continue to add to its existing investment in Rincon Resources. Rincon has what we believe to be a very exciting portfolio of copper/gold projects - particularly the South Telfer project in the Paterson region of Western Australia. We believe the Rincon IPO has been priced attractively and expect the listing to unlock significant value in months and years to come," said Gunsynd Executive Chair Hamish Harris.
By Ife Taiwo; ifetaiwo@alliancenews.com
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