(Alliance News) - Miner Sunrise Resources PLC said on Thursday that Chair Patrick Cheetham purchased shares in the company from fellow shareholders Tertiary Minerals PLC, a company he also chairs.
In Wednesday's transaction, Cheetham bought 31.5 million Sunrise shares for a total of GBP25,200, 0.08 pence per share, the market price at the time of the acquisition. The stock was up 10% on the day Thursday at 0.086p.
Cheetham now owns 4.6% of Sunrise and Tertiary Minerals said they have a 2.9% stake in the company.
In May, Cheetham held a 3.4% stake in Sunrise after he and other directors were remunerated in the form of shares. He also has a 2.8% shareholding of Tertiary Minerals.
Cheetham said: "I am pleased to be acquiring a further stake in Sunrise. The board expects its working relationship with Tertiary will be unaffected by this transaction as Tertiary continues to provide management services to Sunrise at cost, to the benefit of both companies."
Shares in exploration company Tertiary Minerals were down 6.1% at 0.23 pence on Thursday.
Tertiary Minerals (TYM)
Sunrise Res (SRES)