Gunsynd PLC (GUN.L) Update re: Kolosori
Abm May 14, 2021
Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement by Pacific Nickel Mines Limited ("Pacific Nickel"), which is listed on ASX (ASX: PNM). Pacific Nickel advised that it has completed the acquisition of an 80% interest in Kolosori Nickel (SI) Limited ("KNL").
A company incorporated in the Solomon Islands, by issuing 8,375,000 shares in accordance with the terms of the Share Purchase Agreement. KNL currently owns PL 05/19, which comprises the Kolosori Nickel Project.
The consideration of $670,000 was satisfied by the issue of 8,375,000 fully paid ordinary shares in Pacific Nickel at a deemed issue price of $0.08 (Upfront Consideration Shares). The Upfront Consideration Shares were adjusted from 9,375,000 in accordance with the terms of the Share Purchase Agreement ("SPA"). The number of shares issued to Gunsynd was 682,790 as per the SPA.
Pursuant to the SPA, payment of up to $1,250,000 will be satisfied through the issue of up to 15,625,000 Pacific Nickel shares at a deemed issue price of $0.08 each within 10 business days of the date each of the following conditions have been satisfied and remain satisfied:
i. a mining lease for Prospecting Licence Tenement is granted for PL 05/19 by the Mines Department; and
ii. confirmation of Indicated Mineral Resources at the Prospecting Licence Tenement in accordance with JORC Code 2012 at a minimum of 6 million tonnes at a minimum grade of 1.6% Ni (which includes 3.9 million tonnes at a minimum grade of 1.7% Ni (saprolite).
All Pacific Nickel shares issued to the vendors are subject to voluntary escrow arrangements; for the Upfront Consideration Shares, the earlier of 12 months from their date of issue or 10 business days after the granting of a mining licence for PL 05-19.
Following completion of the acquisition of KNL by Pacific Nickel, Gunsynd holds no direct interest in KNL and has an interest in 1,945,757 ordinary shares of Pacific Nickel. Subject to Pacific Nickel satisfying the conditions noted above, Gunsynd will receive 1,137,984 Deferred Consideration Shares.
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
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