Business
New Investment - Angold Resources Ltd
New Investment - Angold Resources Ltd.
About this update from Gunsynd Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5638A\n Gunsynd PLC\n 30 September 2020\n \n \n \n Gunsynd plc\n \n (\"Gunsynd\" or the \"Company\")\n \n New Investment - Angold Resources Ltd\n \n \n Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has invested C$100,000 (approximately £58,000) into the gold exploration company Federal Gold Corp (to be renamed Angold Resources Ltd subject to completion of a reverse takeover as detailed below (\"Angold\" or the \"Issuer\")). This investment complements the Company's recent investment in gold and copper explorer Rincon Resources as announced on 22 and 23 June 2020.\n \n Subject to a number of conditions, including receipt of regulatory consents, TSX Exchange approval and completion of a fundraising as further described below and in which Gunsynd is participating, the Issuer will complete a reverse takeover (the \"RTO\") of ZTR Acquisition Corp (ZTR.H:APH) (\"ZTR\"), whereby ZTR will acquire all of the issued and outstanding share capital of the Issuer. The 35,187,000 existing shares in the Issuer will be exchanged for common shares of ZTR (the \"Exchange Shares\") on a one-for-one basis.\n \n ZTR is the former company Oyster Oil and Gas Ltd which was moved to the NEX Board of the TSX Venture Exchange in June 2019 and in which Gunsynd currently holds 462,500 shares. The RTO price of C$0.40c values the existing Gunsynd holding of ZTR shares at C$185,000 (approximately £107,000).\n \n \n \n \n The Issuer is a widely-held private company which controls the rights to the Uchi, Iron Butte, Dorado and Cordillera mineral exploration projects located in the Province of Ontario, the State of Nevada and the Republic of Chile, respectively. Following completion, it is anticipated that exploration and development of the Uchi and Dorado projects will be its primary focus. The following selected financial information is taken from the unaudited financial statements of Federal Gold Corp for the three-month period ended July 31, 2020:\n \n \n \n \n \n Total Assets\n \n \n \n \n C$232,720\n \n \n \n \n \n \n Total Liabilities\n \n \n \n \n C$127,277\n \n \n \n \n \n \n Net Loss\n \n \n \n \n C$5,150\n \n \n \n \n \n Dorado Property (Chile)\n The Dorado property is located in the Maricunga region of Chile, approximately 135 km east of Copiapo. The prope...