13 Sep 2022 07:41
13 September 2022
Gunsynd plc
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("Gunsynd" or the "Company")
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Conditional further investment in Rincon Resources Limited
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Further to the announcement on 25 January 2021, Gunsynd Plc (AIM: GUN, AQSE: GUN) announces that it has conditionally invested approximately a further £100,000 in one of its investee companies, Rincon Resources Limited ("Rincon") (ASX: RCR), an ASX listed Australian gold and base metals exploration company. This further investment is subject to Rincon shareholder approval at a general meeting of Rincon shareholders to be held during Q4 2022.
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The Gunsynd investment is part of a conditional capital raise of up to AUD$1.2million announced on 13 September 2022 by Rincon (consisting of 15 million shares at AUD 8 cents) ("Capital Raise") supported by existing and new investors. Gunsynd has signed a conditional placement commitment letter for 2,165,812 shares at 8 AUD cents for a total consideration of AUD$173,265, from the Company's existing cash resources. Rincon intends to utilise the funds raised pursuant to the Capital Raise to explore its existing and proposed projects and for general working capital.
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Gunsynd currently holds 8.9 million ordinary shares in Rincon representing approximately 17.34% of Rincon's issued share capital. Following the Capital Raise, Gunsynd will hold 11,065,812 ordinary shares in Rincon representing approximately 16.68% of Rincon's issued share capital.
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Donald Strang, Executive Director of Gunsynd, is a Non-Executive Director of Rincon and holds 300,000 ordinary shares in Rincon.
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For the year ended 30 June 2021, Rincon had turnover of AUD$621 and made a loss of AUD$1,172,095.
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This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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The Directors of Gunsynd accept responsibility for this announcement.
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For further information please contact:
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Gunsynd plc Hamish Harris/ Peter Ruse  |  +44 (0) 78 7958 4153 |
Cairn Financial Advisers LLP James Caithie / Liam Murray | Â +44 (0) 20 7213 0880 Â |
Peterhouse Capital Limited Lucy Williams | Â +44 (0) 20 7469 0936 Â |
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