Last checked at 7 Mar 2017 07:00
7 March 2017
SUNRISE RESOURCES PLC
Placing and Total Voting Rights
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded diversified mineral exploration and development company ("the Company"), is pleased to announce that it has raised £250,000, before expenses, through a placing of 250,000,000 new ordinary shares of 0.1p each (the "Placing Shares") at a price of 0.1p per share.
The Placing Shares, which represent 17.07 per cent. of the Company's enlarged issued share capital, will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared on or after the date on which they are issued.
Use of Proceeds
The net funds raised will be applied to advancing the Company's industrial mineral and precious metal projects in Nevada and for general working capital.
Commenting today, Mr. Cheetham, Executive Chairman said: "This funding will allow us to advance the CS Project where excellent results were reported last week and where the Concept Study currently in progress is expected to provide a road map for commercialisation of the project. It will also provide the opportunity to rationalise our project portfolio, focusing on our US assets where we are well positioned to take advantage of the upswing in investor interest in the resource sector. The industrial mineral sector in particular is expected to be a major beneficiary of the Trump Administration's infrastructure development drive."
Admission to Trading and Total Voting Rights
The issue of the Placing Shares is conditional, inter alia, on their admission to trading on AIM ("Admission"). Application will be made for the Placing Shares to be admitted to trading on AIM and Admission is expected to occur on or around 21 March 2017.
Following the issue of the Placing Shares, the Company's issued share capital will comprise 1,464,710,167 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 1,464,710,167. This figure of 1,464,710,167 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 Guidance and Transparency Rules.
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0)1625 838 884 |
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Northland Capital Partners Limited Nominated Adviser & Broker Edward Hutton/David Hignell John Howes/Rob Rees
| Tel: | +44 (0)20 3861 6625
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Beaufort Securities Limited Joint Broker Jon Belliss | Tel: | +44 (0)20 7382 8300 |
Notes:
1. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 of the European Parliament and of the Council.
2. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
Notes to Editors:
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 industrial minerals mining operations to sustain the Company's wider mineral exploration efforts and create value for shareholders through the discovery of world-class precious metal deposits.
The Company holds a portfolio of industrial minerals projects in Nevada, USA including deposits of diatomite, natural pozzolan and high-grade limestone. It is also exploring for silver, gold, and diamonds in Nevada and Western Australia.
Shares in the Company trade on AIM. EPIC: "SRES"
Website: www.sunriseresourcesplc.com