Last checked at 8 Mar 2016 11:00
8 March 2016
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
Issue of New Ordinary Shares and Total Voting Rights
Sunrise Resources plc, the AIM quoted diversified mineral exploration and development company ("the Company"), announces that on 7 March 2016 the Board of the Company resolved to issue 49,298,406 new ordinary shares of 0.1p each ("the New Shares") to Tertiary Minerals plc in settlement of management fees for the six month period ended 31 December 2015.
The New Shares were issued at a price of 0.175 pence per share, being the closing mid-market price of the Company's ordinary shares on 7 March 2016.
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 102,234,999 ordinary shares and its interest in the capital of the Company will increase from 7.60% to 13.70% of the enlarged issued capital of the Company.
Application will be made for the New Shares to be admitted to trading on AIM. Admission is expected to occur on 14 March 2016.
Following admission, the Company's enlarged issued share capital will comprise 746,181,842 ordinary shares with one voting right per share. There are no shares held in treasury and the total number of voting rights in the Company is therefore 746,181,842.
This figure of 746,181,842 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.
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0) 1625 838 884 |
Northland Capital Partners Limited Edward Hutton/David Hignell (Nominated Adviser) John Howes/Rob Rees (Broking)
| Tel: | +44 (0)20 7382 1100
|
About Sunrise Resources plc
Sunrise Resources plc is an AIM-traded diversified mineral exploration and development company. The Company's objective is to develop profitable mining operations to sustain the Company's wider exploration efforts and create value for shareholders through the discovery of world-class deposits.
The Company holds a royalty interest from EP Minerals in a diatomite project in Nevada and holds a white barite project in South-West Ireland. The Company has diamond and gold exploration interests in Western Australia and has staked claims and acquired leases over a number of base, precious metal and industrial mineral projects in Nevada, USA.
Shares in the Company trade on AIM. EPIC: "SRES"
http://www.sunriseresourcesplc.com