Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has invested £125,000 in Anglo Saxony Mining Limited (“ASM”), a public unlisted tin development and exploration company.
The ASM investment was executed on the following terms:
· subscription for 833,333 ordinary shares at 15 pence per share for a total consideration of £125,000;
· following this capital raising ASM will have 135,000,000 (fully diluted) shares in issue for pro-forma equity valuation of £20.25 million;
· Gunsynd’s investment is a part of a of £5,000,000 capital raising supported by institutional and high net worth UK, German and Australian investors; and
· funds will be used for resource expansion drilling, resource conversion, metallurgical test work and PFS & Optimisation studies. ASMhas ambitions to carry out an IPO during 2021.
About Anglo Saxony Mining Limited
ASM plans to establish sustainable tin production and processing from the Tellerhäuser Mine in Saxony, Germany. The Tellerhäuser Mine has a 50-year mining licence granted in 2020 with final permitting well advanced. The local Erzgebirge area has 800 years of mining history, including the world’s oldest School of Mines. The Tellerhäuser mine comes with 150,000m of tunnels and other underground development, approx. 140,000m of historical drilling and 3,000m of channel sampling from past owners of the project. ASM has ambitions to become a sustainable tin producer from a zero-waste mine by carrying out all of its processing and waste to be located in underground voids. The waste material will be stored and treated via water treatment facility in-situ and pumped to a nearby storage plant.
Peter Ruse, a director of Gunsynd, commented: “Gunsynd is pleased to have the opportunity to participate in the financing for ASM – an exciting tin development opportunity in Western Europe. Tin as a commodity has caught the market’s attention since late 2020, with prices rising quickly on the back of a fundamental supply-demand mismatch coming out of the COVID-19 pandemic. The Tellerhäuser deposit benefits from extensive mine infrastructure from past investment and exploration expenditure. The deposit sits on the doorstep of numerous German and Austrian tin and zinc smelters in a region with 800 years of active mining operations.”
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company’s ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
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