Sunrise Resources Plc (LON:SRES) said it has raised £500,000 through the conditional placing of shares with the funds to be used to advance its CS pozzolan-perlite project in Nevada.
The company placed more than 333 million new ordinary shares of 0.1p each at a price of 0.15p each, representing 15.5% of the company’s enlarged issued share capital.
Proceeds will help with mine planning and additional drilling at the CS project with the aim of moving towards production.
“Our work programmes at the CS pozzolan-perlite project have delivered excellent results throughout the year and we can now continue the momentum as we advance the CS project towards potential production,” said executive chairman Patrick Cheetham.
“The fundraising will allow us to carry out various mine planning work, including infill and extensional drilling, bulk sampling and testing, continuing customer trials and various permitting work programmes required for commercial production.
“We are expecting strong news flow for the rest of the year and in 2018 and look forward to reporting on future progress."
Sunrise will apply for the placing shares to be admitted to trading on AIM, which is expected on or around 20 December.
Following admission to trading, Cheetham’s interest in the group will fall to 3.80% from 4.5% and Tertiary Minerals plc’s (LON:TYM) holding will fall to 5.81% from 6.88%.