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Placing, Subscription & Total Voting Rights
Placing, Subscription & Total Voting Rights.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9643T Sunrise Resources Plc 04 April 2016 \n\n \n \n \n4 April 2016\n \n \nSUNRISE RESOURCES PLC\n(\"Sunrise\" or \"the Company\")\nPlacing, Subscription & Total Voting Rights\nSunrise Resources plc, the AIM quoted diversified mineral exploration and development company, is pleased to announce that it has raised £120,000 before expenses through a placing (the \"Placing\") of 45,454,545 ordinary shares of 0.1 pence each in the Company (\"Ordinary Shares\") (the \"Placing Shares\") and a subscription (the \"Subscription\") of 63,636,363 Ordinary Shares (the \"Subscription Shares\") both at a price of 0.11 pence per Ordinary Share. \nIn addition to the Placing Shares and the Subscription Shares, Sunrise has also issued 9,090,909 Ordinary Shares at 0.11 pence per Ordinary Share to its joint broker Beaufort Securities in respect of broker fees (the \"Fee Shares\"). (The Placing Shares, the Subscription Shares and the Fee Shares are hereinafter referred to as \"the New Shares\"). \nUse of Proceeds\nThe net funds raised will be applied to the Company's exploration projects in Nevada and Australia and for general working capital purposes.\nThe Placing & Subscription\nThe New 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. \nThe New Shares represent approximately 13.67 per cent. of the Company's enlarged issued share capital. \nThe Subscription\nMr Patrick Cheetham, Executive Chairman of the Company, through his Self-Invested Personal Pension, has subscribed £50,000 for 45,454,545 Subscription Shares as part of the Subscription. Mr Cheetham's Subscription constitutes a related party transaction in accordance with AIM Rule 13. The independent directors of the Company (being Mr David Swan and Mr Francis Johnstone),having consulted with Northland Capital Partners, the Company's nominated adviser, consider that the terms of Mr Cheetham's participation in the Subscription are fair and reasonable insofar as the Company's shareholders are concerned. \nFollowing the Subscription, Mr Cheetham is beneficially interested in 74,381,250 Ordinary Shares (approximately 8.61% of the Company's enlarged i...