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Sunrise Resources raises funds to support Nevada operations

"It is pleasing to see that the company has broad support for its strategic plan," Patrick Cheetham said.
The cash is earmarked for the CS project

Sunrise Resources Plc (LON:SRES) has raised £350,000 through a share placing to support activities at the CS pozzolan-perlite project in Nevada.

It is selling some 291.6mln new shares priced at 0.12p each.

The new shares represent around 10% of the company’s enlarged share capital and the placing is priced at a 14% discount to Tuesday’s closing share price.

READ: Sunrise Resources surges as on latest discoveries at NewPerl

The cash is earmarked for ongoing mine permitting, customer trials and other work required for development of the project.

"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,” said Patrick Cheetham, Sunrise executive chairman.

“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."

Pozzolan is an ingredient used in cement and concrete mixes, while perlite is a material that’s commonly used in horticulture and agriculture.

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