Sunrise Resources plc has conditionally raised £320,000 through the issue of 2,133,333,330 new ordinary shares of 0.001p each to advance its base and precious metals projects in Nevada, USA and Australia.
Work in Nevada will include geophysical exploration at the Reese Ridge and Lake projects.
Each share, issued at 0.015 pence, carries one warrant allowing the holder to apply for one new ordinary share at 0.0175p each.
Executive chairman Patrick Cheetham and non-executive director Adam Hainsworth subscribed £15,000 for 100 million and £20,000 for 133,333,333 placing shares, respectively.
Following the subscriptions, Mr Cheetham will have 992,995,526 ordinary shares, representing 8.63% of Sunrise’s issued share capital, while Mr Hainsworth will hold 665,529,265, equal to 5.78%.
The company will also issue 106,666,667 broker warrants, each carrying one new ordinary share.
Following admission, Sunrise’s issued share capital will comprise 11,508,466,366 ordinary shares with a nominal value of 0.001p each, with voting rights, and none held in treasury.