logo-loader
viewSunrise Resources PLC

Sunrise Resources raises £500,000 to advance CS pozzolan-perlite project

Proceeds of the fundraise will support mine planning and additional drilling at the CS project with the aim of moving towards production

Sunrise Resources
The company placed more than 333 million new ordinary shares

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%. 

Quick facts: Sunrise Resources PLC

Price: 0.11 GBX

AIM:SRES
Market: AIM
Market Cap: £3.41 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Sunrise Resources PLC named herein, including the promotion by the Company of Sunrise Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Sunrise Resources' Patrick Cheetham details permitting developments at CS...

Sunrise Resources PLC's (LON:SRES) Patrick Cheetham tells Proactive London's Andrew Scott he believes they're on track to be fully permitted later in the fourth quarter of this year for their CS Pozzolan-Perlite project in Nevada, USA. Sunrise has told investors that following a meeting...

on 1/8/19

2 min read