(Alliance News) - Sunrise Resources PLC said Monday it raised GBP350,000 through a discounted share placing as it looks to fund completion of permitting for its perlite mine in the US state of Nevada.
Sunrise issued 350.0 million shares at 0.10 pence each. Shares in Sunrise were 10% lower at 0.12 pence in London on Monday.
Amongst the subscribers in the placing, Executive Chair Patrick Cheetham bought GBP100,000 worth of the shares. This takes his stake to 225.6 million shares in the firm, equivalent to a 7.3% stake.
Sunrise will use the funds to progress its CS Pozzolan perlite project in Nevada. Perlite is a type of volcanic glass used in a number of industrial applications.
Permitting is scheduled to be completed at CS Pozzolan by the end of 2019. In addition, the funds will be used to undertake further sampling and preparatory work for the start-up of the mine.
By Ahren Lester; ahrenlester@alliancenews.com
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Sunrise Res (SRES)