UK based resources investor PLC has bought a small stake in a company which owns a nickel prospect in the Solomon Islands.

Gunsynd has purchased 7.7% of Kolosori Nickel Ltd for GBP45,000 in cash. Kolosori holds 80% of the prospect of the same name.

Gunsynd has also secured a 90-day option to buy a further 22% of the company, for GBP135,000.

"Under the purchase and option agreement Gunsynd will hold certain rights such as board representation, appointed as representative in connection with any listing and/or offtake agreement, rights to manage the assets and pre-emptive rights on all new share issues," said Gunsynd.

Gunsynd shares were 5.0% lower on Wednesday morning at a price of 0.011 pence each.

Other investments include UK-listed United Oil & Gas PLC, Canada's Oyster Oil & Gas Ltd, a Brazilian tungsten firm, and Australian miner Sunshine Minerals Ltd.

A week ago, Gunsynd said it would be selling its Oyster holding for GBP260,000. On Monday, it noted a third-party purchase of shares in Sunshine Minerals would mean its own stake would fall to 15.5% from 18.2%.

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