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22 Sep 2014 10:24
SUNRISE RESOURCES PLC
("the Company")
22 September 2014
Warrant Extension
Sunrise Resources plc, the AIM traded diversified mineral exploration and development company, announces a three month extension to the expiry date of the following unexercised warrants held by applicable employees1, officers and directors of the Company.
Under the London Stock Exchange AIM Rules for Companies ("AIM Rules"), an AIM company "must ensure that its directors and applicable employees do not deal in any of its AIM securities during a close period. In addition, the purchase or early redemption by an AIM company of its AIM securities or sale of any AIM securities held as treasury shares must not be made during a close period." A close period is defined under the AIM Rules as the two months preceding the publication of the company's annual results (or, if shorter, the period from its financial year end to the time of publication).
As the financial year end for the Company is 30 September, the warrants listed below will expire during future year-end close periods and cannot therefore be exercised by directors or applicable employees for their full term. The Company therefore considered it reasonable to extend the term of the warrants listed below.
Warrants Extended
Issue Date | Number | Exercise Price | Original Expiry Date | New Expiry Date | |
08/12/2008 | Officers/Directors | 4,500,000 | 0.575 | 08/12/2014* | 08/03/2015 |
08/12/2008 | Applicable Employees | 1,000,000 | 0.575 | 08/12/2014* | 08/03/2015 |
07/12/2009 | Officers/Directors | 4,500,000 | 0.850 | 07/12/2014 | 07/03/2015 |
07/12/2009 | Applicable Employees | 1,500,000 | 0.850 | 07/12/2014 | 07/03/2015 |
07/12/2010 | Officers/Directors | 4,500,000 | 2.500 | 07/12/2015 | 07/03/2016 |
07/12/2010 | Applicable Employees | 1,500,000 | 2.500 | 07/12/2015 | 07/03/2016 |
19/12/2012 | Officers/Directors | 4,500,000 | 0.850 | 19/12/2017 | 19/03/2018 |
19/12/2012 | Applicable Employees | 1,250,000 | 0.850 | 19/12/2017 | 19/03/2018 |
As these warrants were issued as part of the remuneration of its directors and applicable employees1 the decision has therefore been taken by the Board of Directors to extend the term of these warrants for a period ending three months beyond the end of the applicable close periods. This extension will not override any other termination conditions that might apply to the warrants, for example on termination of employment.
*2008 Warrants
On 9 December 2008 the Company announced details of an issue of warrants (the "2008 Warrants"). The announcement incorrectly stated the expiry date of the 2008 Warrants as being any time within 4 years from 8 December 2009. The warrant deeds issued on 8 December 2008 stated a 6-year term with an expiry date of 8 December 2014. Details of the 2008 Warrants have been correctly disclosed as having a 6 year term in the Company's Annual Report and Accounts since the date of issuance. The error in the original announcement of 9 December 2008 has been identified and is hereby corrected.
1 The Company considers those employees of Tertiary Minerals plc that provide services to the Company under the Management Agreement with Tertiary Minerals plc and who hold warrants in the Company as "applicable employees" for the purposes of compliance with the AIM Rules.
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0) 845 868 4590 |
Northland Capital Partners Limited Gavin Burnell/Edward Hutton Alice Lane/Charles Laughton (Broking)
| Tel: | +44 (0)20 7382 1100 |
Yellow Jersey PR Limited Dominic Barretto/Kelsey Traynor | Tel: | +44 (0)7768 537739 |
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