Sunrise Resources plc has conditionally raised £200,000 through a 17.1% discounted placing of 1,176,470,588 new ordinary shares of 0.001p each, at 0.017 pence per placing share.
TVRs
The company said that half of the amount raised was from a single new institutional investor.
Those participating in the fundraise included executive chairman Patrick Cheetham who subscribed £50,000 for 294,117,647 placing shares.
His shareholding has increased to 685,761,926, representing approximately 10.22% of Sunrise’s enlarged issued share capital.
Non-executive director Adam Hainsworth also subscribed £30,000 for 176,470,588 placing shares, taking his interest to 325,738,372 (4.85%).
Following admission, the company’s issued share capital will comprise 6,709,472,747 ordinary shares with a nominal value of 0.001p each, with voting rights.
The company does not hold any ordinary shares in treasury.
Sunrise will also run a retail offer until 10am 1 August to existing shareholders to raise up to an additional £50,000, through the issue of up to 294,117,647 shares.
All net proceeds will add to the company’s general working capital and advance its projects.
Sunrise holds diatomite, limestone, perlite, pozzalan, sepiolite, base and precious metals licences and royalty interests in Nevada, USA and gold in Australia.