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Sunrise Resources (SRES)

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Wednesday 06 December, 2017

Sunrise Resources

Placing and Total Voting Rights

RNS Number : 5954Y
Sunrise Resources Plc
06 December 2017
 
 
 

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

 
6 December 2017

 

 

Placing and Total Voting Rights

 

Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project, is pleased to announce that it has raised £500,000 before expenses, through a conditional placing of 333,333,333 new ordinary shares of 0.1p each (the "Placing Shares") arranged by Beaufort Securities Limited at a price of 0.15p per share.

 

Use of Proceeds

The net funds raised will be applied primarily to  progress the Company's CS Pozzolan-Perlite Project in Nevada including mine planning and additional drilling as the project continues to advance towards potential production status.

 

Commenting today, Mr. Cheetham, Executive Chairman said: "Our work programmes at the CS Pozzolan-Perlite Project have delivered excellent results throughout the year and we can now continue the momentum as we advance the CS Project towards potential production. The fundraising will allow us to carry out various mine planning work, including infill and extensional drilling, bulk sampling and testing, continuing customer trials and various permitting work programmes required for commercial production We are expecting strong news flow for the rest of the year and in 2018 and look forward to reporting on future progress."

 

Admission to Trading and Total Voting Rights

The Placing Shares, which represent 15.55 per cent. of the Company's enlarged issued share capital, 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 issue of the Placing Shares is conditional, inter alia, 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 20 December 2017.

Immediately following Admission, the Company's issued share capital will comprise 2,144,151,353 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 2,144,151,353.This figure of 2,144,151,353 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.

Immediately following Admission, the notifiable interests of the Chairman, Mr. Patrick Cheetham, and of Tertiary Minerals plc will reduce from 4.50% to 3.80% and from 6.88% to 5.81% respectively.

 

 

 

 

 

 

 

 

 

 

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

 

 

 

About Natural Pozzolan

 

Pozzolan is a cementitious material that can partially replace ordinary Portland cement in cement and concrete mixes in amounts up to 35%. Natural pozzolans, therefore, have strong "green" credentials as the production of Portland cement is responsible for 5% of the global man-made carbon dioxide emissions with nearly one tonne of carbon dioxide (CO2) generated for each tonne of cement produced. Natural pozzolans can also improve the strength and chemical resistance of concrete. Natural pozzolans can also replace industrial by-product pozzolans in cement such as coal fly ash. The availability and quality of fly ash is under threat as coal-fired power stations are phased out in favour of natural gas plants and fly ash quality becomes more variable due to increased emission control legislation.

 

About Perlite

 

Perlite is a glassy raw material which, when heated in a furnace, pops like popcorn and expands by up to 20 times in volume into a white or pale coloured, low density material. Expanded perlite is used in various industrial and household applications such as insulation, paint texturing, building materials, filter aids, insulating industrial cryogenic storage vessels and as a potting medium in gardening and horticulture to aid water retention and aeration of the soil. Some perlites can also be used as a natural pozzolan.

 

 

Notes:

 

1.   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.

 

2.   This announcement contains inside information.

 

 

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
 
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