---
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"
date: 2019-12-02
canonical: "https://www.share-talk.com/gunsynd-plc-longun-update-on-sunshine-minerals/"
category: "Energy"
categories: ["Energy"]
tags: ["GUN", "Gunsynd"]
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"
---

# Gunsynd PLC (LON:GUN) Update on Sunshine Minerals

**Published:** December 2, 2019
**Author:** sharetalk
**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)

---

**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.

**The key terms of the acquisition are summarised below:**

Malachite 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.

The 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.

Malachite can elect to earn its 15% interest as follows:

a) a 7.5% shareholding in Sunshine by spending A$100k on work principally progressing the Jejevo geological data to 2012 JORC;

b) 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.

Gunsynd 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%.

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.

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**Original URL:** https://www.share-talk.com/gunsynd-plc-longun-update-on-sunshine-minerals/
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