Last checked at 19 Feb 2016 13:15
19 February 2016
SUNRISE RESOURCES PLC
(the "Company")
Share and Warrant Issue
Total Voting Rights
Issue of New Ordinary Shares
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-quoted diversified mineral exploration and development company ("the Company"), announces that on 18 February 2016 the Board of the Company resolved to issue 5,734,754 new ordinary shares of 0.1 pence each in the Company (the "New Ordinary Shares") to its directors in lieu of net fees for the six month period ended 31 December 2015. The issue of New Ordinary Shares to directors in lieu of fees is in line with current Company practice and enables the Company to keep its cost base to a minimum, preserving cash for its exploration activities.
The New Ordinary Shares were issued at a price of 0.16 pence per share, being the closing mid-market price of the ordinary shares on 17 February 2016.
The following table shows the number of New Ordinary Shares issued to directors and their total holdings following the issue of New Ordinary Shares now being announced:
Director name | Number of ordinary shares issued | Interest in enlarged issued share capital | % of enlarged issued share capital |
Patrick Cheetham | 2,200,754 | *28,926,705 | 4.15% |
Francis Johnstone | 1,579,500 | 9,805,912 | 1.41% |
David Swan | 1,954,500 | 7,036,444 | 1.01% |
* includes 5,500,000 shares held by K E Cheetham, wife of P Cheetham.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM and admission is expected to occur on 25 February 2016.
Total Voting Rights
Following admission, the Company's enlarged issued share capital will comprise 696,883,436 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 696,883,436.
This figure of 696,883,436 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 FSA's Disclosure and Transparency Rules.
Issue of Warrants
The Company also announces that on 18 February 2016 the Board of the Company granted a total of 3,250,000 warrants to an employee of the Company and to employees of Tertiary Minerals plc working on the Company's behalf. No warrants were issued to directors of the Company.
Each warrant entitles the holder to subscribe for one ordinary share at the price of 0.16 pence per share, being the closing mid-market price on the 18 February 2016, and the warrants may be exercised at any time within 4 years from 18 February 2017.
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0) 845 868 4590 |
Northland Capital Partners Limited Edward Hutton/David Hignell John Howes/Rob Rees (Broking)
| Tel: | +44 (0)20 7382 1100
|
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 mining operations to sustain the Company's wider exploration efforts and create value for shareholders through the discovery of world-class deposits.
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. 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.
Shares in the Company trade on AIM. EPIC: "SRES"