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06 Jul 2020 | 12:33

Gunsynd raises £0.47m to progress its investments

(Sharecast News) - Gunsynd has raised £0.47m through the placing of 71,538,462 new shares, it announced on Monday, at a price of 0.65p each. It said the net proceeds would provide it with additional funding to progress its activities, and make investments in line with its stated investing policy.

The AIM-traded firm said those participating would also receive one warrant for every three shares subscribed for, exercisable at 1.3p, and expiring on the one-year anniversary of the date of issue.

A total of 23,846,154 placing warrants would be issued.

"It is pleasing to see such strong support from investors following our recent investment in Rincon Resources," said chairman Hamish Harris.

"The additional funds will allow us to maintain our stake in Rincon and support it in its future growth plans and pursue additional investments to add to the portfolio."

At 1209 BST, shares in Gunsynd were down 0.29% at 0.7p.
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