(Alliance News) - Gunsynd PLC noted on Monday its shareholding in Sunshine Minerals Ltd will reduce should an acquisition by another party go ahead.
Resources investor Gunsynd said Sydney-listed Malachite Resources has signed a share subscription agreement for up to 15% of Sunshine Minerals.
It will get 7.5% by spending AUD100,000 on processing geological data for the Jejevo nickel project in the Solomon Islands, and a further 7.5% for spending AUD125,000 on further work at the asset.
Gunsynd currently holds 18.2% of Sunshine Minerals, it said, which would drop to 15.5% were Malachite to take up the entire 15% option.
Gunsynd shares closed 3.5% lower on Monday in London at a price of 0.011 pence each.
By George Collard; georgecollard@alliancenews.com
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Gunsynd (GUN)