Sunrise Resources PLC (AIM:SRES) told investors it plans to raise fresh capital to accelerate exploration across its precious and base-metal projects, with trading in its AIM-listed shares temporarily halted while the fundraising is priced.
Broker AlbR Capital Limited (LSE:CAPD) is arranging the raise, though Sunrise has yet to disclose its target amount, issue price or other terms. The proceeds will fund geophysical programmes at the Lake and Reese Ridge projects and preparatory work for drilling, including permitting.
Depending on how much is raised, Sunrise also plans to drill priority targets at its Lake Copper-Silver-Gold Project in Nevada and either the Reese Ridge Zinc-Silver-Lead Project, also in Nevada, or the Bakers Gold Project in Australia.
The company is using AIM's newly introduced Capital Access Window, a mechanism allowing companies to temporarily pause trading while carrying out a capital raise. Sunrise said the halt, effective from 7.30 am on Wednesday, was intended to provide pricing stability during the process.
Depending on the final size of the fundraising, part of the issue may require shareholder approval at a general meeting.
