Sunrise Resources Plc ISSUE OF WARRANTS (0727U)
March 24 2023 - 3:00AM
UK Regulatory
TIDMSRES
RNS Number : 0727U
Sunrise Resources Plc
24 March 2023
24 March 2023
SUNRISE RESOURCES PLC
("Sunrise" or "the Company")
ISSUE OF WARRANTS
Sunrise Resources plc wishes to advise that it has issued a
total of 25 million warrants over new Ordinary Shares (the "New
Warrants") representing 0.64% of the Company's issued ordinary
share capital to the Executive Chairman of the Company, Patrick
Cheetham, in connection with a remuneration incentive scheme
proposed by the Remuneration Committee and agreed by the Board.
The New Warrants will have an exercise price of 0.15 pence, a
67% premium to yesterday's closing market mid-price.
The New Warrants will have a five-year term but will only vest
(i.e. become exercisable) if during 2023:
-- Tolsa USA Inc ("Tolsa") exercises its option to acquire the
Company's Pioche Project (see RNS of 21 December 2022), or
-- The Company enters into a substantive agreement (in the
opinion of the Remuneration Committee) that could result in the
development of the CS Project.
If the New Warrants do not vest in 2023 the warrants will
expire.
Commenting today, Mr Roger Murphy, Chairman of the Remuneration
Committee, said:
" We think these are realistic goals and achievable within the
vesting period. The development of the CS Project remains our key
objective, and whilst the exercise of the option held by Tolsa over
our Pioche Project is a matter for their decision, we think it is
an appropriate Key Performance Indicator. The Pioche Project was
generated and acquired under Mr Cheetham's initiatives at very low
cost. As Tolsa has quickly demonstrated, it has the potential to
generate both a substantial cash return and an ongoing royalty
stream if the option is exercised by the end of 2023 deadline."
The New Warrants will also vest in the event that there is a
change in control of the Company.
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
Market Abuse Regulation (MAR) Disclosure
The information set out below is provided in accordance with the
requirements of Article 19(3) of 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').
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/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, Warrants, each warrant
type of instrument: to subscribe for one
Identification code: ordinary share of 0.01p
each
GB0008854563 (Ordinary
Shares)
----------------------------------------- -------------------------------
b) Nature of the transaction: Grant of warrants to
subscribe for new ordinary
shares
----------------------------------------- -------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
Exercise price 25,000,000
of 0.15 pence warrants
-----------
----------------------------------------- -------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above
Price: 25,000,000 warrants
GBP37,500
----------------------------------------- -------------------------------
e) Date of the transaction: 22 March 2023
15.00 UTC
----------------------------------------- -------------------------------
f) Place of the transaction: Outside a trading venue
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END
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