REG - Sunrise Resources - Placing & Subscription to Raise £201,500 & TVR

Sunrise ResourcesAnnouncement

01/07/2024 09:30

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RNS Number : 5690U  Sunrise Resources Plc  01 July 2024

 

 

1 July 2024

 

SUNRISE RESOURCES PLC

("Sunrise" or the "Company")

 

Placing & Subscription to Raise £201,500

TVR

 

Sunrise Resources plc ('SRES'), wishes to announce that it has conditionally
raised £201,500 before expenses ("the Fundraise") through the issue of
403,000,000 new Ordinary Shares of 0.001p each (the "Fundraise Shares") at the
price of 0.05p per Placing Share (the "Fundraise Price"). The Fundraise Price
is equal to the market bid price at market close on Friday 28 June 2024.

 

The Fundraise comprises a conditional placing (the "Placing") of 279,000,000
new Ordinary Shares and a direct subscription to the Company (the
"Subscription") of 124,000,000 new Ordinary Shares.

 

One warrant will be issued with every two Fundraise Shares (the "Fundraise
Warrants"), each Fundraise Warrant entitling the holder to subscribe for one
new ordinary share at a price of 0.075p per share at any time within 12 months
from the date of admission of the Fundraise Shares to trading on AIM
("Admission").

 

The Fundraise 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 15,150,000 warrants (the "Peterhouse
Engagement Warrants"), each warrant entitling the holder to apply for one new
Ordinary Share at the Fundraise Price at any time within 12 months from the
date of Admission.

 

Mr Patrick Cheetham, Executive Chairman of the Company, has subscribed
£50,000 for 100,000,000 Placing Shares as part of the Placing. Mr Cheetham's
subscription constitutes a related party transaction in accordance with AIM
Rule 13. The independent directors of the Company (being Mr Roger Murphy and
Mr James Cole), having consulted with Beaumont Cornish Limited, the Company's
nominated adviser, consider that the terms of Mr Cheetham's participation in
the Placing are fair and reasonable insofar as the Company's shareholders are
concerned.

 

Following the issue of the Fundraise Shares, Mr. Cheetham will be beneficially
interested in  381,832,572 Ordinary Shares representing approximately 7.94%
of the Company's enlarged issued share capital.

 

Use of Proceeds

 

The net funds raised will be applied to general working capital and
exploration of the Company's mineral projects.

 

Admission

 

The issue of the Fundraise Shares, the Fundraise Warrants and the Peterhouse
Engagement Warrants is conditional only on Admission. Application has been
made for the Fundraise Shares to be admitted to trading on AIM and Admission
is expected to occur on or around 5 July 2024.

 

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
4,811,647,363 Ordinary Shares with a nominal value of 0.001p 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 4,811,647,363. 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.

 

 

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

 

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.

 

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

 

 

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

 1   Details  of  the  person   discharging  managerial   responsibilities
     I person closely associated
 a)  Name                                                           Patrick Cheetham
 2   Reason for the notification
 a)  Position/status                                                Executive Chairman
 b)  Initial notification /Amendment                                Initial notification
 3   Details  of  the  issuer,  emission  allowance  market   participant,
     auction  platform, auctioneer or auction monitor
 a)  Name                                                           Sunrise Resources plc
 b)  LEI                                                            213800MGDOE974QHPZ44

 4   Details of the transaction(s): section to be repeated  for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial  instrument, type of instrument   Ordinary Shares of 0.001 pence each

     Identification code                                            GB00B075Z681

 b)  Nature of the transaction                                      Subscription for shares in Placing and grant of Warrants
 c)  Price(s) and volume(s)                                         1. Participation in Placing

Price(s)    Volume
                                                                    0.05 pence  100,000,000

 

                                                                    2. Grant of Warrants

Exercise Price(s)  Volume
                                                                    0.075 pence        50,000,000

 d)  Aggregated information

     - Aggregated volume                                            N/A (Single transaction)

     - Price

 e)  Date of the transaction                                        1 July 2024

                                                                    07.00 GMT

 f)  Place of the transaction                                       Outside a trading venue (XOFF)

 

2. Grant of Warrants

 

 Exercise Price(s)  Volume
 0.075 pence        50,000,000

d)

Aggregated information

- Aggregated volume

- Price

 

 

N/A (Single transaction)

 

e)

Date of the transaction

1 July 2024

07.00 GMT

 

f)

Place of the transaction

Outside a trading venue (XOFF)

 

 

 

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