Further Investment in Oyster Oil and Gas

RNS Number : 8880E

Gunsynd PLC

11 May 2017

 

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:

[phone]

Hamish Harris

Nominated Adviser/NEX Exchange Corporate Adviser

[phone]

Cairn Financial Advisers LLP

James Caithie / Liam Murray

Peterhouse Corporate Finance (Joint Broker)

[phone]

Lucy Williams

 

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