Business
Placing to raise £1.2million
Placing to raise £1.2million.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n RNS Number : 7770W Sunrise Resources Plc 25 November 2010 \n \n\n \n25 November 2010\n \n SUNRISE RESOURCES PLC\n \nPlacing to raise £1.2million\n \nSunrise Resources plc, the AIM-quoted diversified mineral exploration and development specialist, is pleased to announce that it has completed a placing to raise £1.2million before expenses via the issue of 60,000,000 new ordinary shares at 2p per share. The placing was oversubscribed.\n \nThe Company intends to use the funds for further drilling and exploration on the Company's Long Lake gold project in Canada and the Derryginagh barite project in SW Ireland, as well as for general exploration and working capital purposes.\n \nPatrick Cheetham, Chairman of the Company, commented today: \"We are very pleased to have received such good support from existing shareholders and new investors. The placing will allow us to accelerate our planned drill programmes at the Long Lake gold project in particular without the hiatus that a deferred fundraising would have involved.\"\n \nApplication will be made for the new ordinary shares to be admitted to trading on AIM. It is anticipated such trading will commence on 10 December 2010. Following the issue of the 60,000,000 shares there will be 308,866,013 ordinary shares in issue.\n \nFurther information:\n \nSunrise Resources plc Tel: +44 (0)1625-505947\nPatrick Cheetham, Executive Chairman Mobile: +44 (0)7767 458751\nwww.sunriseresourcesplc.com\n \nNorthland Capital Partners Limited &...