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RNS Number : 2045S Sunrise Resources Plc 12 July 2022
12 July 2022
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
Placing to raise £100,000
Total Voting Rights
Sunrise Resources plc ('SRES'), the AIM-traded company focusing on the
development of its CS Pozzolan-Perlite Project in Nevada, USA, wishes to
announce that it has raised £100,000 through a conditional placing ("the
Placing") of 100,000,000 new Ordinary Shares of 0.1p each (the "Placing
Shares") at a price of 0.1p per Placing Share. One warrant will be issued with
each Placing Share (the "Placing Warrants") entitling the holder to subscribe
for one new ordinary share at a price of 0.2p per share (the "Placing Price")
at any time within 6 months from the date of admission of the Placing Shares
to trading on AIM ("Admission").
The Placing was arranged through the Company's broker, Peterhouse Capital
Limited ("Peterhouse"). Under the terms of its engagement dated 25 October
2019, Peterhouse will be issued with 5,000,000 warrants (the "Peterhouse
Engagement 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 Admission.
In addition, Peterhouse has agreed to settle its 5% placing commission and its
broker fees for the quarter ended 30 September 2022 in shares on the same
terms as the Placing and, as a result, a further 9,500,000 new Ordinary Shares
of 0.1p each (the "Peterhouse Fee Shares") and 9,500,000 warrants (the
"Peterhouse Fee Warrants") will be issued to Peterhouse on the same terms as
the Placing Shares and the Placing Warrants.
The Placing Shares and the Peterhouse Fee 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 and the Peterhouse Fee Shares together represent 2.87% of
the Company's enlarged issued share capital.
Use of Proceeds
The funds raised will be applied to general working capital.
Admission to AIM
The issue of the Placing Shares, the Peterhouse Fee Shares, the Placing
Warrants, the Peterhouse Engagement Warrants and the Peterhouse Fee Warrants
is, inter alia, conditional on Admission. Application will be made for the
Placing Shares and the Peterhouse Fee Shares to be admitted to trading on AIM
and Admission is expected to occur on or around 18 July 2022.
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
3,820,586,466 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 3,820,586,466. 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: "The AIM Market
is extraordinarily difficult for junior companies at present so, in making
this placing, we have sought to strike a balance between the need for working
capital and shareholder dilution. We have announced good progress on a number
of fronts in recent weeks which we anticipate will reflect in the Company's
share price when markets turn, but in the meantime we are continuing to focus
on our CS Project in Nevada and the value catalysts in our wider project
portfolio."
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
James Biddle/Roland Cornish
Tel: +44 (0)207 469 0930
Peterhouse Capital Limited
Broker
Lucy Williams/Duncan Vasey
Shares in the Company trade on AIM. EPIC: "SRES".
Website: www.sunriseresourcesplc.com
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 which forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
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
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