Gunson Resources substantial shareholder ups interest

Gunson Resources (ASX: GUN) substantial shareholder John Tilbrook has increased his stake in the company.

Tilbrook purchased 2.19 million shares for an average price of $0.206 per share, for a total consideration of $452,133.

The move takes Tilbrook’s interest in Gunson to 7.82%, from 6.77%.

Earlier this month Gunson signed a Front End Engineering, Design and Approvals study agreement with DBP Services to provide the design, construction and capital cost information for a 110 kilometre long lateral gas pipeline to the proposed Coburn power station.

The pipeline will link to the main Dampier to Bunbury Natural Gas Pipeline to the east of the power station.

Gunson is also looking to team up with a major East Asian industrial group, signing a non-binding term sheet in November 2011 that would allow the major to earn a large minority joint venture interest in Coburn.

The deal is well advanced, with completion of due diligence and the agreement of detailed documentation expected in February 2012.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24169/gunson-resources-substantial-shareholder-ups-interest-24169.html