Last checked at 29 Jun 2017 11:11
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
29 June 2017
Placing and Total Voting Rights
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project, is pleased to announce that it has raised £325,000 before expenses through a conditional placing of 325,000,000 new ordinary shares of 0.1p each (the "Placing Shares") arranged by Beaufort Securities Limited at a price of 0.1p per share.
Use of Proceeds
The net funds raised will be applied to advancing the Company's CS Pozzolan-Perlite Project in Nevada and for general working capital purposes.
Commenting today, Mr. Cheetham, Executive Chairman said: "We have been able to take advantage of the very strong interest shown by investors in the Company's shares and the high trading liquidity following the recently announced discovery of a third zone of natural pozzolan at the CS Project and the positive concept study for development of the project announced last month. This fundraising will allow us to expand our initial drill programme and accelerate the commercial testing and discussions with potential customers."
Admission to Trading and Total Voting Rights
The Placing Shares, which represent 18.02 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.
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 13th July 2017.
Immediately following Admission, the Company's issued share capital will comprise 1,804,015,667 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 1,804,015,667.This figure of 1,804,015,667 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.
Immediately following Admission, the notifiable interests of the Chairman, Mr. Patrick Cheetham, and of Tertiary Minerals plc will reduce from 5.39% to 4.42% and from 9.23% to 7.56% respectively.
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0)1625 838 884 |
Northland Capital Partners Limited Nominated Adviser & Broker Edward Hutton/David Hignell John Howes/Rob Rees
| Tel: | +44 (0)20 3861 6625
|
Beaufort Securities Limited Joint Broker Jon Belliss | Tel: | +44 (0)20 7382 8300 |
About Natural Pozzolan
Pozzolan is a cementitious material that can partially replace ordinary Portland cement in cement and concrete mixes in amounts up to 35%. Natural pozzolans, therefore, have strong "green" credentials as the production of Portland cement is responsible for 5% of the global man-made carbon dioxide emissions with nearly one tonne of carbon dioxide (CO2) generated for each tonne of cement produced. Natural pozzolans can also improve the strength and chemical resistance of concrete. Natural pozzolans can also replace industrial by-product pozzolans in cement such as coal fly ash. The availability and quality of fly ash is under threat as coal-fired power stations are phased out in favour of natural gas plants and fly ash quality becomes more variable due to increased emission control legislation.
About Perlite
Perlite is a glassy raw material which, when heated in a furnace, pops like popcorn and expands by up to 20 times in volume into a white or pale coloured, low density material. Expanded perlite is used in various industrial and household applications such as insulation, paint texturing, building materials, filter aids, insulating industrial cryogenic storage vessels and as a potting medium in gardening and horticulture to aid water retention and aeration of the soil. Some perlites can also be used as a natural pozzolan.
Notes:
1. This announcement contains inside information.
2. The Market Abuse Regulation (MAR) became effective from 3 July 2016. Market soundings, as defined in MAR, were taken in respect of the Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.
3. 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.
Shares in the Company trade on AIM. EPIC: "SRES". Website: www.sunriseresourcesplc.com