Sunrise Resources Plc Energy Metals & Minerals Initiative and Funding (9709U)
January 24 2017 - 6:21AM
UK Regulatory
TIDMSRES
RNS Number : 9709U
Sunrise Resources Plc
24 January 2017
24 January 2017
SUNRISE RESOURCES PLC
("Sunrise Resources" or "the Company")
New Energy Metals & Minerals Initiative and Related
Funding
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded
diversified mineral exploration and development company ("the
Company"), is pleased to announce it has been approached by a group
of high net worth investors interested to invest US$75,000
(equivalent) in the identification, review and acquisition of
energy metals and minerals projects in Nevada and other Great Basin
States in the USA. In particular Uranium, Lithium, Copper, Vanadium
and Graphite have been identified as specific commodities of
interest based on an initial review of the project opportunities
available, the ability to undertake commercially realistic
transactions and the Company's internal resources available to
identify new opportunities.
The Company is therefore announcing that it has raised GBP60,580
before expenses from this group of investors through a placing (the
"Placing") of 20,580,000 ordinary shares of 0.1 pence each in the
Company ("Ordinary Shares") (the "Placing Shares") and a
subscription (the "Subscription") of 40,000,000 Ordinary Shares
(the "Subscription Shares") both at a price of 0.1 pence per
Ordinary Share. The placing and subscription price represents the
bid price of the Company's Ordinary Shares at the time that the
Placing and Subscription was agreed. The net proceeds will be used
at the discretion of the Company for general working capital
purposes and for the identification and review of energy metals and
minerals opportunities. It is the Company's intention that the
funding for the further development of such opportunities will be
through joint ventures and working collaborations such that there
is no significant further cost to the Company. It will provide
details of any such joint arrangements as and when agreed but there
is no assurance that new projects will be secured.
Patrick Cheetham, Executive Chairman of Sunrise Resources plc,
commented: "I am very pleased to announce this initiative, and that
the investors have chosen Sunrise Resources as the gateway to
securing new opportunities in energy metals and minerals in the
Great Basin States. Sunrise Resources has been working in Nevada
for a number of years and has built a significant network of
connections and knowledge of new opportunities. We hope to bring
this knowledge to bear through the identification and development
of new opportunities that could add considerable value for
shareholders.
Notably, with the new USA administration looking to expand
industrial activity and invest in infrastructure, Sunrise Resources
is exceptionally well placed with its diverse precious and
industrial metals project portfolio in Nevada. This new venture
will, I believe, add to that portfolio which provides AIM investors
with a vehicle through which to access high potential metal and
mineral opportunities in operationally favourable USA
jurisdictions."
Admission to Trading and Total Voting Rights
The issue of the Placing Shares and the Subscription Shares is
conditional, inter alia, on their admission to trading on AIM
("Admission"). Application will be made for the Placing Shares and
the Subscription Shares to be admitted to trading on AIM and
Admission is expected to occur on or around 7 February 2017. The
Placing Shares and the Subscription Shares represent approximately
5.1 per cent. of the Company's enlarged issued share capital.
Following Admission, the Company's enlarged issued share capital
will comprise 1,192,377,937 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 1,192,377,937.
This figure of 1,192,377,937 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.
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
Notes:
1. This announcement contains inside information for the
purposes of Article 7 of Regulation (EU) 596/2014 of the European
Parliament and of the Council.
2. The information in this release has been compiled and
reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a
qualified person for the purposes of the AIM Note for Mining and
Oil & Gas Companies. Mr. Cheetham is a Member of the Institute
of Materials, Minerals & Mining and also a member of the
Australasian Institute of Mining & Metallurgy.
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 industrial minerals mining operations to sustain
the Company's wider mineral exploration efforts and create value
for shareholders through the discovery of world-class precious
metal and diamond deposits.
The Company holds a royalty interest from EP Minerals, LLC in a
diatomite project in Nevada and is evaluating deposits of natural
pozzolan and high-grade limestone. It is also exploring for silver,
gold, and diamonds in Nevada and Western Australia.
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
END
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January 24, 2017 06:21 ET (11:21 GMT)