Last checked at 1 Aug 2013 12:14
1 August 2013
Issue of New Ordinary Shares & Total Voting Rights
Sunrise Resources plc, ("Sunrise Resources" or "the Company", ticker symbol 'SRES'), the AIM-quoted diversified mineral exploration and development specialist, announces that on 31 July 2013 the Board of the Company resolved to issue 9,425,225 new ordinary shares of 0.1p each ("the New Shares"), as follows:
·; 7,141,377 New Shares to Tertiary Minerals plc in settlement of management fees for the quarter to 30 June 2013.
·; 2,283,848 New Shares (in aggregate) to the Directors of the Company in lieu of fees for the six month period to 30 June 2013.
The New Shares were issued at a price of 0.475p per share, being the closing mid-market price of the ordinary shares on 30 July 2013.
Since formation of the Company, Tertiary Minerals plc has provided, and continues to provide, the Company with office facilities and company and project management services at cost. This cost sharing arrangement works to the benefit of both companies and enables them to be run with reduced overheads.
Following the issue of the New Shares, Tertiary Minerals plc will hold 32,893,162 ordinary shares being 8.80% of the enlarged issued capital of the Company.
The issue of the New Shares to Directors in lieu of fees is a now long established practice that enables the Company to further reduce the cash outlay of its administration costs. The number of New Shares being issued to the Directors and their resulting interests in the share capital of the Company are as follows:
Director name | Number of New Shares issued | No. of Ordinary Shares held | % of enlarged issued share capital |
Patrick Cheetham | 748,960 | *12,942,462 | 3.46% |
Francis Johnstone | 577,970 | 4,830,340 | 1.29% |
David Swan | 956,918 | 1,597,004 | 0.43% |
* includes 5,500,000 shares held by K E Cheetham, wife of P Cheetham.
Application will be made for the New Shares to be admitted to trading on AIM. Admission is expected to occur on 7 August 2013.
Following the issue of the New Shares the Company's enlarged issued share capital will therefore comprise 373,712,459 ordinary shares with one voting right per share. There are no shares held in treasury.This figure of 373,712,459 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Commenting today, Richard Clemmey, Operations Director of Tertiary Minerals plc said "We are pleased to take this opportunity to increase our shareholding in Sunrise Resources as we see good value at the current share price."
Patrick Cheetham, Executive Chairman of Sunrise Resources said "We are pleased to continue this long-standing cost sharing arrangement with Tertiary Minerals plc which allows us to increase our project expenditures."
ENQUIRIES
Sunrise Resources plc Tel: +44 (0) 845 868 4590
Patrick Cheetham, Executive Chairman
Northland Capital Partners Limited Tel: +44 (0) 20 7796 8800
Gavin Burnell / Edward Hutton
Alice Lane / Mark Simpson (Broking)
Yellow Jersey PR Limited Tel: +44 (0) 7768 537 739
Dominic Barretto / Anna Legge
About Sunrise Resources plc
Sunrise Resources plc is a diversified mineral exploration and development specialist.
The Company is evaluating a production opportunity for white barite in South-West Ireland, has diamond exploration interests in Western Australia and Finland and has recently applied for licences over two gold prospective areas in central Western Australia.
Shares in the Company trade on AIM. EPIC: "SRES".