Issue of Shares and Warrants

RNS Number : 1870Y

Sunrise Resources Plc

27 February 2012

 



Sunrise Resources plc

Issue of Shares and Warrants

27 February 2012

Issue of new ordinary shares

Sunrise Resources plc (ticker symbol 'SRES'), the AIM-quoted diversified mineral exploration and development specialist ("the Company"), announces that on 24 February 2012 the Board of the Company resolved to issue 1,126,009 new ordinary shares of 0.1pence each in the Company to its directors in lieu of net fees for the six month period ended 31 December 2011. The issue of shares to Directors in lieu of fees is in line with current Company practice and enables the Company to keep its cost base to a minimum, preserving cash for exploration activities.

The following shares have been issued:

Director name	Number of new shares issued	Interest in enlarged issued share capital	% of enlarged issued share capital
Patrick Cheetham	284,179	*11,165,377	3.07%
Francis Johnstone	420,915	3,089,413	0.85%
Neil Herbert	420,915	4,228,054	1.56%

* includes 5,500,000 shares held by K E Cheetham, wife of P Cheetham.

In each case, the new ordinary shares were issued at a price of 1.25 pence per share, being the closing mid-market price of the ordinary shares on the 23 February 2012.

Application will be made for the 1,126,009 new ordinary shares to be admitted to trading on AIM and admission is expected to occur on 2 March 2012.

Following admission, the Company's enlarged issued share capital will comprise 363,864,914 ordinary shares with one voting right per share. There are no shares held in treasury and the total number of voting rights in the Company is therefore 363,864,914.

This figure of 363,864,914 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Grant of Warrants

Also on 24 February 2012, the Company granted 6,500,000 warrants to officers and directors of the Company and to employees of Tertiary Minerals plc working on its behalf. The Grant included the following directors of the Company:

Name	Number of warrants granted
Patrick Cheetham (Executive Chairman)	2,000,000
Francis Johnstone (Non-executive Director)	1,000,000
Neil Herbert (Non-executive Director)	1,000,000

Each warrant entitles the holder to subscribe for one new ordinary share at the price of 1.25 pence per share, being the closing mid-market price on the 23 February 2012, and the warrants may be exercised at any time within 4 years from 24 February 2013.

As a result of this issue of warrants the total number of warrants currently held by each Director is as follows:

Name	Number of warrants granted
Patrick Cheetham (Executive Chairman)	8,500,000
Francis Johnstone (Non-executive Director)	4,250,000
Neil Herbert (Non-executive Director)	4,250,000

Enquiries: Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel:  [phone]
Northland Capital Partners Limited   Gavin Burnell / Rod Venables   John-Henry Wicks / John Howes (Sales)	Tel: [phone]
Yellow Jersey PR Limited Dominic Barretto	Tel:  [phone]

Note to Editors:

Sunrise Resources plc ('SRES') is a British-led diversified mineral exploration and development specialist. 

The Company's objective is to develop profitable mining operations to sustain the Company's wider exploration efforts and create value for shareholders through the discovery of world-class deposits. 

The Company is evaluating a product opportunity for white barite in south-west Ireland and has an exploration portfolio including gold and base-metal exploration interests in Canada and diamond exploration interests in Finland and Western Australia.

Shares in the Company trade on AIM under the symbol "SRES".

For further information: www.sunriseresourcesplc.com

 

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