{"id":66416,"title":"Gunsynd PLC (LON:GUN) Update on Sunshine Minerals","publisher":"Share Talk","author":"sharetalk","published":"2019-12-02T10:39:10+00:00","modified":"2019-12-02T10:39:10+00:00","canonical_url":"https://www.share-talk.com/gunsynd-plc-longun-update-on-sunshine-minerals/","markdown_url":"https://www.share-talk.com/gunsynd-plc-longun-update-on-sunshine-minerals.md","json_url":"https://www.share-talk.com/gunsynd-plc-longun-update-on-sunshine-minerals.json","category":"Energy","categories":["Energy"],"tags":["GUN","Gunsynd"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&ssl=1","format":"news","language":"en-GB","content":"**Gunsynd Plc (AIM: GUN, NEX: GUN)** notes the announcement of **Malachite Resources (ASX: MAR; “Malachite”)** in that it has entered into a Share Subscription Agreement with Sunshine Minerals Limited (“Sunshine”) to acquire up to 15% of it.\n\n**The key terms of the acquisition are summarised below:**\n\nMalachite pays $75k in two tranches to Sunshine to extend an exclusivity period to 31 March 2020 – these funds will be allocated to due diligence and corporate costs. The first tranche of A$25k is payable upon signing of the subscription agreement.\n\nThe second tranche of A$50k is conditional on:-Solomon Islands mines department board approval to retain PL01/18 for its full term to 9 July 2021; and-Technical confirmation of geological data carried out by Sumitomo on PL01/18.\n\nMalachite can elect to earn its 15% interest as follows:\n\na) a 7.5% shareholding in Sunshine by spending A$100k on work principally progressing the Jejevo geological data to 2012 JORC;\n\nb) a further 7.5% shareholding in Sunshine by spending a further A$125k on work principally associated with progressing the Jejevo geological data to JORC and advancing technical work in preparation for a mining lease application. Malachite will seek regulatory approvals as required.\n\nGunsynd currently holds 18.2% of the issued share capital of Sunshine; the reduction from the 19.8% notified on 27 September 2019 arose from the conversion of some accrued salaries. Should Malachite acquire 15% of Sunshine as detailed above, Gunsynd’s interest would reduce to 15.5%.\n\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n\nThe directors of Gunsynd accept responsibility for this announcement."}