Business
Placing & Subscription to Raise £201,500 & TVR
Placing & Subscription to Raise £201,500 & TVR.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n\n\n\n\n\n\n\n\n1 July 2024\n \nSUNRISE RESOURCES PLC\n(\"Sunrise\" or the \"Company\")\n \nPlacing & Subscription to Raise £201,500\nTVR\n \nSunrise 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.\n \nThe 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.\n \nOne 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\").\n \nThe 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.\n \nMr 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.\n \nFollowing 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.\n \nUse of Proceeds\n \nThe net funds raised will be applied to gener...