Share and Warrant Issue

RNS Number : 6644X

Sunrise Resources Plc

15 January 2014

 



15 January 2014

SUNRISE RESOURCES PLC

Share & Warrant Issue & Total Voting Rights

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 14 January 2014 the Board of the Company resolved to issue 1,699,640 new ordinary shares of 0.1 pence each in the Company to its directors in lieu of net fees for the six month period ended 31 December 2013. 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 new ordinary shares were issued at a price of 0.55 pence per share, being the closing mid-market price of the ordinary shares on 13 January 2014.

The following table shows the number of new ordinary shares issued to directors and their total holdings following the issue of new ordinary shares now being announced:

Director name	Number of new shares issued	Interest in enlarged issued share capital	% of enlarged issued share capital
Patrick Cheetham	646,825	*14,089,287	3.66%
Francis Johnstone	499,135	5,329,475	1.38%
David Swan	553,680	2,150,684	0.56%

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

Application will be made for the 1,699,640 new ordinary shares to be admitted to trading on AIM and admission is expected to occur on 21 January 2014.

Following admission, the Company's enlarged issued share capital will comprise 384,950,213 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 384,950,213.

Total Voting Rights

This figure of 384,950,213 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.

Issue of Warrants

The Company also announces that on 14 January 2014 the Board of the Company granted 6,250,000 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
David Swan (Non-executive Director)	1,000,000

Each warrant entitles the holder to subscribe for one new ordinary share at the price of 0.55 pence per share, being the closing mid-market price on the 13 January 2014, and the warrants may be exercised at any time within 4 years from 14 January 2015.

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 held
Patrick Cheetham (Executive Chairman)	12,000,000
Francis Johnstone (Non-executive Director)	6,000,000
David Swan (Non-executive Director)	2,000,000

Further information:

Sunrise Resources plc Patrick Cheetham, Executive Chairman	Tel:	[phone]
Northland Capital Partners Limited Gavin Burnell/Edward Hutton Alice Lane/Mark Simpson (Broking)	Tel:	[phone]
Yellow Jersey PR Limited Dominic Barretto/Kelsey Traynor	Tel:	[phone]

 

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