Business
Share and Warrant Issue & Total Voting Rights
Share and Warrant Issue & Total Voting Rights.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7957V Sunrise Resources Plc 01 February 2017 \n\n \n \n \n \n \n \n1 February 2017\n \nSunrise Resources Plc\n \nShare and Warrant Issue \nTotal Voting Rights\n \nSunrise Resources plc, the AIM quoted diversified mineral exploration and development company (\"the Company\"), announces that on 1 February 2017 the Board of the Company resolved to issue 22,332,230 ordinary shares of 0.1p each (\"Ordinary Shares\") to Tertiary Minerals plc (\"Tertiary\") in part settlement of management fees outstanding at 31 December 2016 (\"the New Shares\"). The New Shares were issued at a price of 0.135 pence per share, being the closing mid-market price of the Company's Ordinary Shares on 31 January 2017.\n \nSince formation of the Company, Tertiary has provided, and continues to provide, the Company with office facilities and company and project management services at cost. This cost sharing arrangement works to the benefit of both companies and enables them to be run with reduced overheads.\n \nTertiary has been a substantial shareholder in the Company within the past twelve months, as such the issue of 22,332,230 Ordinary Shares to Tertiary constitutes a related party transaction in accordance with AIM Rule 13. The independent directors consider, after consultation with the Company's Nominated Adviser, that the terms of the share issue to Tertiary are fair and reasonable, in so far as its shareholders are concerned. \n \nFollowing the issue of the New Shares, Tertiary will hold 136,454,787 Ordinary Shares and its interest in the share capital of the Company will increase from 9.57% to 11.23% of the enlarged issued share capital of the Company (allowing for the shares currently being issued pursuant to the Company's announcement dated 24 January 2017).\n \nApplication will be made for the New Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM (\"Admission\") and Admission is expected to occur on 7 February 2017.\n \nTotal Voting Rights\n \nFollowing Admission (and allowing for the 60,580,000 Ordinary Shares currently being issued pursuant to the Company's announcement dated 24 January 2017) the Company's enlarged issued share capital will comprise 1,214,710,167 Ordinary Shares with ...