Last checked at 16 Feb 2012 07:00
16 February 2012
SUNRISE RESOURCES PLC
Placing to raise £600,000
Sunrise Resources plc, the AIM-quoted diversified mineral exploration and development specialist ("the Company") is pleased to announce that it has raised £600,000 by way of a placing of 50,000,000 new ordinary shares at 1.2 pence per share (the "Placing").
The Placing, which was oversubscribed, was completed by Northland Capital Partners, as Nomad and Broker to the Company, under existing Company authorities.
The Company intends to use the funds for the continued development of its exploration projects and for general working capital purposes. In particular, the funds will be applied to further feasibility studies for development of the Derryginagh barite project - where high grade drill intersections were recently announced - and to drill test and sample the Cue kimberlites in Western Australia where diamond grade and quality evaluation is a priority.
Patrick Cheetham, Chairman of the Company, commented today: "This placing gives the Company the confidence to accelerate its project work and to consider value-adding and complementary project acquisitions. I am pleased that we have received such good support from investors".
Application will be made for the 50,000,000 new ordinary shares to be admitted to trading on AIM. It is anticipated that such trading will commence on 23 February 2012. Following the admission to trading of the 50,000,000 new ordinary shares there will be 362,738,905 ordinary shares in issue. This figure may as 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 FSA's Disclosure and Transparency Rules.
Further information:
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 / Rod Venables
John-Henry Wicks / John Howes (Sales)
Yellow Jersey PR Limited Tel: +44 (0)7747 788 221
Harry Fielder
Note to Editors:
Sunrise Resources plc ('SRES') is a British-led diversified mineral exploration and development specialist.
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 is evaluating a product opportunity for white barite in south-west Ireland and has an exploration portfolio including gold and base-metal exploration interests in Canada and diamond exploration interests in Finland and Western Australia.
Shares in the Company trade on AIM under the symbol "SRES".
For further information: www.sunriseresourcesplc.com