(Alliance News) - Sunrise Resources PLC said Friday it has raised GBP200,000 via a conditional placing of 181.8 million new shares at a price of 0.11 pence each.
Shares in the AIM-listed mining project development company were down 4.8% at 0.12 pence on Friday in London.
The company said the proceeds, together with existing cash resources, will be used for completion of mine permitting for CS pozzolan-perlite, including the "initial mine reclamation bond, the processing and provision of additional samples to potential customers and general working capital."
Patrick Cheetham, executive chair, said: "We welcome this additional funding which will ensure that we have the funds in place for the initial mine reclamation bond when the mine permit is decided, and also allow us to service various customer requirements for additional samples as part of our market development work."
Perlite is used in the construction sector, helping create building materials such as concrete, while pozzolan is also used in cement and concrete.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Sunrise Res (SRES)