Gunsynd PLC - London-based investment company - Enters into legally binding term sheet with Pinwheel Resources Ltd under which the company will enter into a farm-in agreement at Pinwheel’s Falcon Lake and Bear Twit VMS projects located in Nunavut and Northwest Territories, Canada respectively. Under the agreement Gunsynd will contribute £100,000 annually for two years toward work commitments. The contribution will be paid in part through the issuance of 150,000 shares priced at 0.13 each, with the remaining to be paid in cash. Historic samples at Falcon lake show up to 8.9% copper and over 300 parts per million uranium. On Bear Twit, it notes: ‘Previous work on the licence area is limited, however a small-scale diamond drilling programs in the 1970s identified a well-mineralised system.’
Company also announces issue of 20.0 million new ordinary shares to the Gunsynd employee benefit trust, worth £17,000. Issues additional 19.2 million shares at 0.13 pence to settle £25,000 in liabilities. Disposes of 852,452 ordinary shares in investee Charger Metals NL worth total A$102,305, about £53,500.
Further, Gunsynd has applied to withdraw its shares from trading on the Aquis Exchange with its last day of trading on August 9 and shares to be withdrawn August 12. It will retain an AIM listing in London.
Current share price: 0.12 pence
12-month change: down 57%
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