Sunrise Resources PLC Regulatory News (SRES)

20 Feb 2006 09:00

Sunrise Diamonds PLC20 February 2006 www.sunrisediamonds.com 20 February 2006 SUNRISE DIAMONDS RAISES £400,000 TO FUND DRILLING AND EXPLORATION PROGRAMME AT FINLAND DIAMOND PROJECT Sunrise Diamonds plc is pleased to announce that it has raised £400,000, before expenses, via a placing of 17,777,778 new ordinary shares of 0.1p each ("Placing Shares") at 2.25p per share (the "Placing"). The net proceeds of the Placing will be used to follow up the results from the initial exploration programme in 2005 at the Kuusamo diamond project in Finland(where micro-diamonds were recovered from two kimberlite bodies), to continue the generation of new targets elsewhere in Finland following the acquisition at the end of 2005 of BHP Billiton's Finland diamond exploration database, and for general working capital purposes. The placees will receive warrants entitling the holder to subscribe for one new ordinary share at a price of 3.5p per share at any time within 2 years from the date of admission to trading on AIM ("Placing Warrant") on the basis of one Placing Warrant for each Placing Share. The Placing is subject to admission of the Placing Shares to trading on AIM, which is expected to take place on 24 February 2006. The Placing Shares will rank pari passu with the existing ordinary shares in issue and increase the number of ordinary shares in issue to 93,152,778. As part of the Placing, Tertiary Minerals plc has subscribed for 2,900,000 Ordinary Shares, increasing Tertiary's holding to 22,900,000 ordinary shares, representing 24.58 per cent of the Company's enlarged issued ordinary share capital. Following the Placing, Starvest plc is now interested in 13,333,333 ordinary shares representing 14.31 per cent of the Company's enlarged issued ordinary share capital. Further Info: Patrick Cheetham, Sunrise Diamonds plc. Tel: +44 (0)1625-505947.Mob: +44 (0)7767-458751 John Greenhalgh/Ron Marshman, City of London PR Ltd. Tel: +44 ( 0)20-7628-5518 This information is provided by RNS The company news service from the London Stock Exchange