Business
Strategic Financing for Precious Metal Exploration
Strategic Financing for Precious Metal Exploration.
About this update from Sunrise Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3291Z Sunrise Resources Plc 26 May 2016 \n\n \n \n \n \n \n \n26 May 2016\n \nSunrise Resources Plc\n \nStrategic Financing for Nevada Precious Metal Exploration\n \n \nSunrise Resources plc (LON: SRES) (\"Sunrise\" or the \"Company\") the AIM quoted diversified mineral exploration and development company, is pleased to announce a strategic financing to accelerate the Company's precious metals exploration programme in Nevada, USA.\n \nHighlights:\n \n· Placing and subscription for 250,000,000 new ordinary shares at 0.12 pence per share to raise £300,000 before expenses;\n· Each placing and subscription share comes with one warrant to subscribe for a further ordinary Sunrise share at a price of 0.24p, a 100% premium to the placing price, with a life to expiry of 30 months (i.e. 250,000,000 warrants);\n· Placing and subscription undertaken with high net worth investors and includes a £20,000 investment by Sunrise non-executive director Roger Murphy; and\n· Proceeds of the placing to be applied primarily to the Company's precious metal projects in Nevada, including those held in the new precious metals subsidiary Westgold Inc.\nPatrick Cheetham, Executive Chairman of Sunrise Resources said: \"We are pleased to have attracted the interest of a number of high net-worth mining investors who are backing our projects and strategic goals with their personal funds. \nSunrise holds a strong portfolio of precious metal and industrial mineral projects. The funds raised will enable us to accelerate our activities within our strategic Nevada interests and we look to reporting further progress on these projects in the near future.\"\n\n\n \nPlacing and Subscription Information\nThe Company has raised £300,000 before expenses through a placing (the \"Placing\") of 162,500,000 ordinary shares of 0.1 pence each in the Company (\"Ordinary Shares\") (the \"Placing Shares\") and a subscription (the \"Subscription\") of 87,500,000 Ordinary Shares (the \"Subscription Shares\") both at a price of 0.12 pence per Ordinary Share. (The Placing Shares and the Subscription Shares are hereinafter together referred to as \"the New Shares\"). \nEach of the New Shares will be issued with one w...