Placing and Total Voting Rights

RNS Number : 5542M

Sunrise Resources Plc

09 January 2019

 

9 January 2019

SUNRISE RESOURCES PLC

("Sunrise" or "the Company")

Placing and Total Voting Rights

Sunrise Resources plc (ticker symbol 'SRES'), the AIM-traded company focusing on the development of its CS Pozzolan-Perlite Project in Nevada, USA, is pleased to announce that it has raised £350,000 before expenses, through a conditional placing of 291,666,666 new Ordinary Shares of 0.1p each (the "Placing Shares") at a price of 0.12p per share (the "Placing") representing a discount of approximately 14% to the closing mid-market price on 8 January 2019.

Use of Proceeds

The net funds raised will be applied primarily to the Company's CS Pozzolan-Perlite Project in Nevada, USA, to continue mine permitting, customer trials and other work required for development of the project.

Commenting today, Patrick Cheetham, Executive Chairman said: "It is pleasing to see that the Company has broad support for its strategic plan in what are undoubtedly difficult and uncertain stock-market conditions. As we move towards the more advanced stages of mine permitting we look forward to reporting further news in anticipation of a busy and productive 2019."

Admission to Trading and Total Voting Rights

The Placing Shares, which represent 10.66 per cent. of the Company's enlarged issued share capital, will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared on or after the date on which they are issued.

The issue of the Placing Shares is conditional, inter alia, on their admission to trading on AIM ("Admission"). Application will be made for the Placing Shares to be admitted to trading on AIM and Admission is expected to occur on or around 23 January 2019.

Immediately following Admission, the Company's issued share capital will comprise 2,736,227,698 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 2,736,227,698. This figure of 2,736,227,698 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 FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

Further information:

Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel: [phone]
Beaumont Cornish Limited Nominated Adviser James Biddle/Roland Cornish	Tel: [phone]
SVS Securities Plc Broker Tom Curran/Ben Tadd	Tel: [phone]

About Natural Pozzolan

Pozzolan is a cementitious material that can partially replace ordinary Portland cement in cement and concrete mixes in amounts up to 35%. Natural pozzolans, therefore, have strong "green" credentials as the production of Portland cement is responsible for 5% of the global man-made carbon dioxide emissions with nearly one tonne of carbon dioxide (CO₂) generated for each tonne of cement produced. Natural pozzolans can also improve the strength and chemical resistance of concrete. Natural pozzolans can also replace industrial by-product pozzolans in cement such as coal fly ash. The availability and quality of fly ash is under threat as coal-fired power stations are phased out in favour of natural gas plants and fly ash quality becomes more variable due to increased emission control legislation.

About Perlite

Perlite is a glassy raw material which, when heated in a furnace, pops like popcorn and expands by up to 20 times in volume into a white or pale coloured, low density material. Expanded perlite is used in various industrial and household applications such as insulation, paint texturing, building materials, filter aids, insulating industrial cryogenic storage vessels and as a potting medium in gardening and horticulture to aid water retention and aeration of the soil. Some perlites can also be used as a natural pozzolan.

Note:

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely unduly on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Shares in the Company trade on AIM. EPIC: "SRES". Website: www.sunriseresourcesplc.com

 

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