Gunsynd plc
("Gunsynd" or the "Company")
Further Investment in Oyster Oil and Gas
Gunsynd Plc (AIM: GUN, NEX: GUN) is pleased to announce that it has entered into a subscription agreement with Oyster Oil & Gas ("Oyster"), a junior oil and gas E&P company quoted on the Toronto Venture Exchange in Canada to invest CAD425,000 (approximately £247,000) as part of a wider fundraising ("Fundraising").
Highlights:
Oyster is listed on the TSV Venture Exchange (TSX-V: OY) and is an international energy group focused on oil and gas exploration and production activities in underexplored hydrocarbon basins. Oyster currently operates 4 blocks in the Republic of Djibouti (100% interest); 3 blocks are located onshore and 1 block offshore, and also the sole interest holder in 1 onshore block in the Republic of Madagascar.
Gunsynd already holds 2,000,000 shares in Oyster which it acquired in January and March 2017 for a total consideration of £290,000; following today's subscription, Gunsynd will hold 3,062,500 shares in Oyster.
Terms of the investment:
Gunsynd is investing CAD425,000 (approximately £247,000) at a price of CAD0.40 for 1,062,500 shares in Oyster. The Company will also receive one warrant for every two shares subscribed for, at a strike price of CAD0.45 exercisable up to 18 months following closing of the Fundraising.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of Gunsynd accept responsibility for this announcement.
For further information please contact:
Gunsynd plc:
+44 (0) 20 7440 0640
Hamish Harris
Nominated Adviser/NEX Exchange Corporate Adviser
+44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Liam Murray
Peterhouse Corporate Finance (Joint Broker)
+44 (0)20 7469 0930
Lucy Williams
This information is provided by RNS