Further Investment - First Tin PLC

RNS Number : 7752H

Gunsynd PLC

08 April 2022

 

Gunsynd plc

("Gunsynd" or the "Company")

Further Investment - First Tin PLC

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has invested £75,000 in the Initial Public offering of First Tin PLC (LSE:1SN) (formerly Anglo Saxony Mining Limited) ("First Tin"), a tin development and exploration company.

The First Tin investment was executed on the following terms:

· subscription for 250,000 ordinary shares at 30 pence per share for a total consideration of £75,000 from the Company's existing cash resources;

· this investment is in addition to the previous investment announced 24 March 2021 whereby Gunsynd acquired 833,333 ordinary shares at 15 pence per share for a total consideration of £125,000; Gunsynd will hold approximately 0.4% of First Tin on admission to trading on the London Stock Exchange Standard Segment ("Admission");

· following this capital raise First Tin will have 265,534,972 shares in issue with a market cap of approximately £80m;

· Gunsynd's investment is a part of a £20m capital raise supported by institutional investors by way of a Placing and Subscription and UK retail investors through the PrimaryBid mobile app; and

· funds will be used for resource expansion drilling, feasibility/mine development studies and land acquisition cost. First Tin's issued ordinary share capital has today been admitted to trading on the London Stock Exchange Standard Segment.

About First Tin PLC

On Admission, First Tin will own 100% of two advanced tin projects, one in Germany and one in Australia, and is looking to rapidly move them into production in order to be able to deliver a sustainable answer to the chronic supply shortage currently faced by many industrial users of tin. Immediately following Admission, the First Tin Board intends to commence the process by which it will obtain a dual listing on the ASX in Australia and will also apply to secure a secondary listing in Frankfurt.

Given First Tin has operations located in Germany and Australia, its board considers that enabling direct access to the shares in those jurisdictions will be beneficial to share price performance, liquidity and in further expanding its shareholder base.

The long term vision of First Tin is to become a leading global tin producer which will supply fully traceable and verifiable tin units into those global industries which have a high requirement for tin.

These industries include the electric vehicle, renewable energy, energy storage, mobile telephony and

semi-conductor sectors which are currently experiencing strong demand growth.

In the year ended 31 December 2020, First Tin had no turnover and had total comprehensive income of £179,518.

Peter Ruse, a director of Gunsynd, commented: "Gunsynd is pleased to have the opportunity to add to its existing investment by way of the First Tin's Admission. First Tin has an exciting tin development and exploration strategy via its assets in both Western Europe and now Australia. First Tin is committed to the environmentally sensitive development of advanced hard rock tin projects in conflict free, low political risk jurisdictions. We are very excited by the active resource expansion programmes which will be carried out on both projects following the IPO."

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.

For further information please contact:

Gunsynd plc Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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