(Alliance News) - UK-based investment firm Gunsynd PLC on Friday said its portfolio company Pacific Nickel Mines Ltd has completed the acquisition of an 80% interest in Kolosori Nickel (SI) Ltd.
Kolosori currently owns PL05/19, which comprises the Kolosori nickel project.
The upfront consideration of AUD670,000 - about GBP369,173 - was satisfied by the issue of 8.4 million shares in Pacific Nickel at a deemed issue price of AUD0.08 to vendors of Kolosori.
Further payment of AUD1.3 million will be satisfied through the issue of up to 15.6 million Pacific Nickel shares at the same price within 10 business days of the date each: a mining lease granted for PL05/19, and a confirmation of indicated mineral resources at a minimum of 6 million tonnes at a minimum grade of 1.6% nickel.
Following completion of the 80% acquisition of Kolosori by Pacific Nickel, Gunsynd holds no direct interest in Kolosori and has an interest in 2.0 million shares of Pacific Nickel.
Gunsynd shares were trading up 1.3% in London on Friday at 1.90 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Gunsynd (GUN)