Issue of Equity

RNS Number : 9894X

Sunrise Resources Plc

12 May 2016

 

12 May 2016

Issue of Equity

Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded diversified mineral exploration and development company ("the Company"), announces that on 11 May 2016 the Board of the Company resolved to issue 1,840,771 New Ordinary Shares of 0.1 pence each in the Company (the "New Ordinary Shares") to Mr Johnstone, in lieu of net fees outstanding, for the period from 1 January 2016 to 10 May 2016, the date of his retirement. 

The issue of New Ordinary Shares in lieu of cash in respect of director fees is in line with current Company practice and enables the Company to preserve cash for its exploration activities.

The New Ordinary Shares were issued at a price of 0.14 pence per share, being the closing mid-market price of the ordinary shares on 10 May 2016.

Following the issue of the New Ordinary shares, the total number of shares held by Mr Johnstone will be 11,646,683 representing 1.34% of the enlarged issued capital.

Application will be made for the New Ordinary Shares to be admitted to trading on AIM and admission is expected to occur on 17 May 2016.

Total Voting Rights

Following admission, the Company's enlarged issued share capital will comprise 866,204,440 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 866,204,440.

This figure of 866,204,440 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 Rules and Transparency Rules.

Further information:

Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel:	[phone]
Northland Capital Partners Limited Nominated Adviser & Broker Edward Hutton/David Hignell John Howes/Rob Rees	Tel:	[phone]
Beaufort Securities Limited Joint Broker Jon Bellis	Tel:	[phone]

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"

 

END

 

 

IOEAKDDNABKDOPD