Placing and Issue of Warrants
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Gunsynd (AIM: GUN) is pleased to announce that it has raised gross proceeds of £250,000 through the issue of 200,000,000 new ordinary shares of 0.085 pence ("Placing Shares") each at a price of 0.125 pence per Placing Share (the "Placing Price") (the "Placing"). Placees will also receive one warrant for every two ordinary shares subscribed for, exercisable at 0.2 pence from the date of Admission (defined below) and expiring on the one-year anniversary of the date of Admission (the "Placing Warrants"). In aggregate, 100,000,000 Placing Warrants will be issued.
The net proceeds of the Placing will be used to provide the Company with additional funding for general working capital, making investments in line with its stated investing policy and progressing its activities particularly with respect to its recent Canadian acquisitions being the Bear Twit, Falcon and West Dismal projects.
Certain directors of the Company have subscribed for, in aggregate, 24,000,000 new ordinary shares at the Placing Price ("Director Participation"). Details of the Director Participation are set out below:
| Name | Amount | No. of Ordinary Shares to be issued | No. of Placing Warrants to be issued | Resulting shareholding following Director Participation | Resulting % shareholding following Director Participation |
|---|---|---|---|---|---|
| Donald Strang | £20,000 | 16,000,000 | 8,000,000 | 34,820,211 | 3.71% |
| Hamish Harris | £10,000 | 8,000,000 | 4,000,000 | 11,161,476 | 1.19% |
| Total | £30,000 | 24,000,000 | 12,000,000 | 45,981,687 | 4.90% |
Related Party Transaction
The Director Participation in the Placing constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules by virtue of Donald Strang and Hamish Harris both being directors of the Company and therefore related parties (the "Transaction"). Peter Ruse, being the director of the Company independent of the Transaction considers, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser for the purposes of the AIM Rules, that the terms of the Transaction are fair and reasonable in so far as shareholders are concerned.
Admission of the New Ordinary Shares
Application will be made to the London Stock Exchange to admit the Placing Shares ("New Ordinary Shares") to trading on AIM ("Admission"). Admission of the new ordinary shares is expected to occur on or around 10 September 2024. The New Ordinary Shares will rank pari passu with the existing ordinary shares.
Total Voting Rights following Admission
For the purpose of the Disclosure and Transparency Rules, following Admission, the enlarged issued share capital of the Company will comprise 939,745,223 ordinary shares of 0.085p each. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
| 1 | Details of the persons discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Donald Strang | ||||
| 2 | Reason for the notification | |||||
| a) | Position/Status | Executive Director | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| a) | Name | Gunsynd plc | ||||
| b) | LEI | 21380068N2D57QUG1L78 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.085 pence each GB00BMD6PM55 | ||||
| b) | Nature of the transaction | Purchase of ordinary shares as part of the Placing | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | |||||
| e) | Date of transaction | 3 September 2024 | ||||
| f) | Place of transaction | London Stock Exchange | ||||
| 1 | Details of the persons discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Hamish Harris | ||||
| 2 | Reason for the notification | |||||
| a) | Position/Status | Executive Chairman | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| a) | Name | Gunsynd plc | ||||
| b) | LEI | 21380068N2D57QUG1L78 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.085 pence each GB00BMD6PM55 | ||||
| b) | Nature of the transaction | Purchase of ordinary shares as part of the Placing | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | |||||
| e) | Date of transaction | 3 September 2024 | ||||
| f) | Place of transaction | London Stock Exchange | ||||
| 1 | Details of the persons discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Donald Strang | ||||
| 2 | Reason for the notification | |||||
| a) | Position/Status | Executive Director | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| a) | Name | Gunsynd plc | ||||
| b) | LEI | 21380068N2D57QUG1L78 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Warrants over new ordinary shares of 0.085 pence each GB00BMD6PM55 | ||||
| b) | Nature of the transaction | Issue of 1 warrant for every 2 shares subscribed for in the Placing | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | |||||
| e) | Date of transaction | 3 September 2024 | ||||
| f) | Place of transaction | London Stock Exchange | ||||
| 1 | Details of the persons discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Hamish Harris | ||||
| 2 | Reason for the notification | |||||
| a) | Position/Status | Executive Chairman | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| a) | Name | Gunsynd plc | ||||
| b) | LEI | 21380068N2D57QUG1L78 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Warrants over new ordinary shares of 0.085 pence each GB00BMD6PM55 | ||||
| b) | Nature of the transaction | Issue of 1 warrant for every 2 shares subscribed for in the Placing | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | |||||
| e) | Date of transaction | 3 September 2024 | ||||
| f) | Place of transaction | London Stock Exchange |
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