Business
Further Investment Rincon Resources and IPO Update
Further Investment Rincon Resources and IPO Update.
About this update from Gunsynd Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2992E\n Gunsynd PLC\n 05 November 2020\n \n \n \n Gunsynd plc\n \n (\"Gunsynd\" or the \"Company\")\n \n Further Investment Rincon Resources and ASX IPO Update\n \n Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has invested a further A$100,000 (approximately £54,700) in Rincon Resources Pty Ltd (\"Rincon\"), an Australian gold and base metals exploration company, via a convertible loan. This investment follows its previous investments in Rincon as announced on the 22 and 23 June 2020. Gunsynd has also received an update on Rincon's proposed Australian Securities Exchange (ASX) listing which is detailed below.\n This further investment in Rincon was on the following terms:\n \n · \n subscription for ordinary shares via the total sum of A$100,000 via a convertible loan agreement; and\n \n \n · the convertible loan will convert at a 30% discount to the planned IPO price of Rincon listed shares.\n \n Rincon announced it had lodged a prospectus with Australian Securities and Investments Commission (ASIC) for an Initial Public Offering (IPO) to raise a minimum of A$5 million, targeted for early December (refer to the Indicative Timetable below).\n \n Gunsynd's investment is part of a A$400,000 fund raise via a convertible loan to fund the pre-IPO activities and completion of the IPO.\n \n Indicative Timetable for the IPO:\n \n \n \n \n \n Lodgement of Prospectus with the ASIC -\n \n \n 3 November 2020\n \n \n \n \n Exposure Period begins -\n \n \n 3 November 2020\n \n \n \n \n Opening Date - \n \n \n 10 November 2020\n \n \n \n \n Closing Date -\n \n \n 24 November 2020\n \n \n \n \n Issue of Offer Shares and dispatch of holding statements -\n \n \n 30 November 2020\n \n \n \n \n Expected date for quotation on ASX -\n \n \n 10 December 2020\n \n \n \n \n \n About Rincon Resources\n Rincon Resources is a Western Australian (\"WA\") focused gold and base metals exploration company. It currently holds the rights to three highly prospective projects in WA, the most significant of which, South Telfer, a 50,000-hectare project in the Paterson province, is approximately 12km south from Newcrest Limited's Telfer mine. The two others are highly prospective copper-gold projects - Laverton and Kiwirrkurra.\n \n \n \n Peter Ruse, Gu...