(Alliance News) - Gunsynd PLC on Monday announced that its investee company, Aberdeen Minerals Ltd, has raised GBP5.5million in an equity financing round.
The UK-based exploration company, in which Gunsynd owns 2.4% of issued shares, is focused on battery metals with the capital raised going towards mineral exploration programmes for deposits of nickel, copper and cobalt in north-east Scotland.
The funding comprises a conditional GBP3 million investment at 8.5 pence per share by Central Asia Metals PLC, that saw the company acquire a 29% shareholding in Aberdeen.
Furthermore, warrants to be granted to the company to invest an additional GBP2 million at 11.0 pence per share, if exercised, would increase its stake to 38%.
An additional GBP500,0000 will be raised from an entitlement offer made to existing shareholders.
However, the completion of the Central Asia Metals investment is dependent on clearance being granted by regulators in the UK and North Macedonia, as well as the approval of certain resolutions at Aberdeen's upcoming shareholders meeting.
Shares in Gunsynd were untraded at 0.15 pence in London on Monday afternoon.
By Elijah Dale, Alliance News reporter
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Gunsynd (GUN)