LONDON (Alliance News) - Tertiary Minerals PLC said Wednesday it will be issued 22.3 million shares in AIM peer Sunrise Resources PLC for outstanding management fees.
Tertiary said the share issue is in settlement of GBP30,148 of fees for the provision of office facilities along with company and project management services. The shares were issued at 0.135 pence each, their closing price on Wednesday.
Sunrise shares closed flat at 0.135p Thursday, while shares in Tertiary Minerals closed up 26% at 1.16p.
Following the share issue, Tertiary will hold 136.5 million shares in Sunrise and its stake in the company will rise to 11% from 9.6%.
Additionally, Sunrise granted warrants over 3.3 million shares to one of its own employees and employees of Tertiary Minerals working on its behalf. The warrants are exercisable at 0.135p for a period of four years.
By Adam Clark; adamclark@alliancenews.com
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Tertiary Minerals (TYM)
Sunrise Res (SRES)