REG - Gunsynd PLC - Termination of Black Schist Nickel Farm-In

GunsyndAnnouncement

20/05/2024 08:45

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RNS Number : 0756P  Gunsynd PLC  20 May 2024

Gunsynd PLC

("Gunsynd" or the "Company")

 

Termination of Black Schist Nickel Farm-In

 

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has, in
agreement with Metals One plc ("Metals One"), decided to terminate the farm-in
to the Black Schist project in Finland.

 

Gunsynd notes the announcement by Metals One today, an excerpt of which can be
viewed below:

 

"Gunsynd Farm-In Termination Agreement

 

On 25 July 2023, Metals One entered into a subscription and shareholders'
agreement between Metals One, Metals One Finland Oy (formerly named FinnAust
Mining Northern Oy) ("Metals One Finland") and Gunsynd, as detailed in the
Company's admission document, pursuant to which Gunsynd agreed to subscribe
for such number of shares in the capital of Metals One Finland (which holds
the Black Schist Project) as is equal to 25% of the voting rights of Metals
One Finland, at an aggregate subscription price of £1,000,000 over four
tranches of £250,000 (the "Gunsynd Farm-In").

 

On 16 November 2023, Gunsynd subscribed for the initial 6.25% tranche of the
voting rights of Metals One Finland for an aggregate price of £250,000.

 

Alongside today's Placing, the Company has reached an agreement with Gunsynd
to terminate the Gunsynd Farm-In. As part of the termination agreement, Metals
One has been granted a three year option to re-acquire the 6.25% of Metals One
Finland currently held by Gunsynd for an aggregate consideration of £250,000
payable, at the discretion of the Company, either wholly or partly in cash or
Ordinary Shares in the capital of the Company at the greater of the Placing
Price or the 30 day VWAP prior to exercising the option (such Ordinary Shares,
if used as consideration, will be locked-in for a period of 12 months from the
date of allotment and issue of such shares).

 

As part of the Gunsynd Farm-In, Gunsynd was also granted warrants to subscribe
for 1,500,000 Ordinary Shares in the Company. These warrants have been
cancelled as part of the termination agreement."

 

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

For further information please contact:

 Gunsynd plc

 Hamish Harris/ Peter Ruse     +44 (0) 78 7958 4153

 Cairn Financial Advisers LLP

 James Caithie / Liam Murray   +44 (0) 20 7213 0880

 Peterhouse Capital Limited

 Lucy Williams                 +44 (0) 20 7469 0936

 

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