Business
£480,000 Investment, Issue of Equity & TVR
£480,000 Investment, Issue of Equity & TVR.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n \n \n 30 November 2022\n \n \n \n \n \n \n \n \n SUNRISE RESOURCES PLC\n \n \n \n (\"Sunrise\" or the \"Company\")\n \n \n \n \n \n \n \n \n £480,000 Investment\n \n \n \n \n Issue of Equity & TVR\n \n \n \n \n \n \n Sunrise Resources plc (\"Sunrise\" or the \"Company\"), the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, wishes to announce that it has entered into an investment agreement (the \"Agreement\") to secure up to a £480,000 investment from Towards Net Zero, LLC (the \"Investor\"), a U.S.-based institutional investor focused on the green economy.\n \n \n \n Key terms of the Agreement\n \n \n \n \n (For the meaning of Capitalised Terms please see the section \"Details of the Agreement\" following).\n \n \n \n 1. The Investor will invest up to £480,000 in the Company as follows.\n \n \n Ø\n Next week, the Investor will invest £200,000 for a two-year zero-coupon convertible security with a face value of £200,000 (the \"First Closing\").\n \n \n Ø\n The Company will have a five-month option to require the Investor to invest a further £200,000 for a two-year zero-coupon convertible security, which will be issued to the Investor no later than six-months after the First Closing (if the Company exercises this option and subject to the prevailing share price being greater than the Floor Price after the option is exercised).\n \n \n Ø\n At the First Closing, the Investor will also invest £80,000 by way of a placing (the \"Placing\") of 80,000,0000 ordinary shares at par (0.1 pence per ordinary share). The total initial investment by the Investor at the First Closing will thus be £280,000.\n \n \n Ø\n Following the conversion or redemption of all convertible securities, the Investor will make an additional payment to the Company equal to the Equalisation Amount if the value of these shares at that time exceeds their subscription price; alternatively, the Equalisation Amount will be due to the Investor.\n \n \n 2. Each convertible security may be converted in full or in part at any time of the Investor's choosing during the two-year term of the convertible security, initially at 0.16 pence per share, and after the initial month, at the greater of the Market Price and the Floor Price (0.1 pence per share).\n \n \n 3. The outstanding face v...