LONDON (Alliance News) - Sunrise Resources PLC, the AIM-listed mineral exploration and development company, on Monday said it raised GBP120,000 before expenses by selling new shares.
In a statement, the company said it sold 45.5 million shares in a placing and 63.6 million shares in a subscription, both at 0.11 pence per share.
In addition, Sunrise issued 9.1 million shares at the same price to its joint broker Beaufort Securities to cover fees.
Shares in Sunrise were down 6.7% at 0.140 pence on Monday morning.
The money will be used at the company's exploration projects in Nevada and Australia and for general working capital purposes.
The new shares equate to a 13.67% stake in the company following the placing and subscription.
Executive Chairman Patrick Cheetham subscribed for GBP50,000 of the 45.5 million subscription shares, meaning he now has 74.4 million shares in the company, equal to an 8.6% stake, including 5.5 million shares held by his wife Karen.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Sunrise Res (SRES)