Sunrise Resources Plc Share and Warrant Issue & Total Voting Rights (7957V)
02 February 2017 - 4:00AM
UK Regulatory
TIDMSRES TIDMTYM
RNS Number : 7957V
Sunrise Resources Plc
01 February 2017
1 February 2017
Sunrise Resources Plc
Share and Warrant Issue
Total Voting Rights
Sunrise Resources plc, the AIM quoted diversified mineral
exploration and development company ("the Company"), announces that
on 1 February 2017 the Board of the Company resolved to issue
22,332,230 ordinary shares of 0.1p each ("Ordinary Shares") to
Tertiary Minerals plc ("Tertiary") in part settlement of management
fees outstanding at 31 December 2016 ("the New Shares"). The New
Shares were issued at a price of 0.135 pence per share, being the
closing mid-market price of the Company's Ordinary Shares on 31
January 2017.
Since formation of the Company, Tertiary has provided, and
continues to provide, the Company with office facilities and
company and project management services at cost. This cost sharing
arrangement works to the benefit of both companies and enables them
to be run with reduced overheads.
Tertiary has been a substantial shareholder in the Company
within the past twelve months, as such the issue of 22,332,230
Ordinary Shares to Tertiary constitutes a related party transaction
in accordance with AIM Rule 13. The independent directors consider,
after consultation with the Company's Nominated Adviser, that the
terms of the share issue to Tertiary are fair and reasonable, in so
far as its shareholders are concerned.
Following the issue of the New Shares, Tertiary will hold
136,454,787 Ordinary Shares and its interest in the share capital
of the Company will increase from 9.57% to 11.23% of the enlarged
issued share capital of the Company (allowing for the shares
currently being issued pursuant to the Company's announcement dated
24 January 2017).
Application will be made for the New Shares, which will rank
pari passu with the existing Ordinary Shares, to be admitted to
trading on AIM ("Admission") and Admission is expected to occur on
7 February 2017.
Total Voting Rights
Following Admission (and allowing for the 60,580,000 Ordinary
Shares currently being issued pursuant to the Company's
announcement dated 24 January 2017) the Company's enlarged issued
share capital will comprise 1,214,710,167 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
1,214,710,167.
This figure of 1,214,710,167 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.
Issue of Warrants
The Company also announces that on 1 February 2017 the Board of
the Company granted a total of 3,250,000 warrants over Ordinary
Shares to an employee of the Company and to employees of Tertiary
Minerals plc working on the Company's behalf.
No warrants were issued to any directors of the Company.
Each warrant entitles the holder to subscribe for one Ordinary
Share at the price of 0.135 pence per share, being the closing
mid-market price on the 31 January 2017, and the warrants may be
exercised at any time within 4 years from 1 February 2018.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
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
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 and diamond deposits.
The Company holds a royalty interest from EP Minerals, LLC in a
diatomite project in Nevada and is evaluating deposits of 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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