Sunrise Resources Plc Placing To Raise GBP200,000 & TVR (0783D)
14 February 2020 - 11:00PM
UK Regulatory
TIDMSRES
RNS Number : 0783D
Sunrise Resources Plc
14 February 2020
14 February 2020
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
Placing To Raise GBP200,000
Total Voting Rights
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded
company focusing on the development of its CS Pozzolan-Perlite
Project in Nevada, USA, is pleased to announce that it has raised
GBP200,000 before expenses, through a conditional placing ("the
Placing") of 181,818,182 new Ordinary Shares of 0.1p each (the
"Placing Shares") at a price of 0.11p per share (the "Placing
Price") representing a discount of approximately 8.3% to the
closing market bid-price of 0.12p on 13 February 2020.
The Placing was arranged through the Company's joint broker,
Peterhouse Capital Limited ("Peterhouse"). Peterhouse will be
issued with 9,090,909 warrants, each warrant entitling the holder
to apply for one new Ordinary Share at the Placing Price at any
time within 12 months from the date of issue.
Use of Proceeds
The net funds raised, in conjunction with existing cash
resources, will be applied primarily to the completion of mine
permitting for the Company's CS Pozzolan-Perlite Project in Nevada,
the initial mine reclamation bond, the processing and provision of
additional samples to potential customers and general working
capital.
The Placing & Admission
The Placing Shares 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 Placing Shares represent approximately 5.52% of the
Company's enlarged issued share capital.
The issue of the Placing Shares is, inter alia, conditional 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 19 February 2020.
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules of the
Financial Conduct Authority, the Board of Sunrise hereby notifies
the market that further to Admission, the Company's issued share
capital will consist of 3,296,130,055 ordinary shares with a
nominal value of 0.1p each, with voting rights ("Ordinary Shares").
The Company does not hold any Ordinary Shares in Treasury.
Therefore, the total number of Ordinary Shares in the Company
with voting rights will be 3,296,130,055. This figure may be used
by Shareholders in the Company as denominator for the calculations
by which they may determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
Commenting today, Patrick Cheetham, Executive Chairman said :
"We welcome this additional funding which will ensure that we have
the funds in place for the initial mine reclamation bond when the
mine permit is decided, and also allow us to service various
customer requirements for additional samples as part of our market
development work."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Further information:
Sunrise Resources plc Tel: +44 (0)1625 838 884
Patrick Cheetham, Executive
Chairman
Tel: +44 (0)207 628 3396
Beaumont Cornish Limited
Nominated Adviser and Joint
Broker
James Biddle/Roland Cornish
Tel: +44 (0)207 469 0930
Peterhouse Capital Limited
Joint Broker
Lucy Williams/Duncan Vasey
Note:
The news release may contain certain statements and expressions
of belief, expectation or opinion which are forward-looking
statements, and which relate, inter alia, to the Company's proposed
strategy, plans and objectives or to the expectations or intentions
of the Company's directors. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors
beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially
different from such forward-looking statements. Accordingly, you
should not rely unduly on any forward-looking statements and save
as required by the AIM Rules for Companies or by law, the Company
does not accept any obligation to disseminate any updates or
revisions to such forward-looking statements.
Shares in the Company trade on AIM. EPIC: "SRES". Website:
www.sunriseresourcesplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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