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Sunrise Resources raises £350,000 for Nevada project

The AIM-listed miner issued 350,000,000 new ordinary shares at a price of 0.1p each

Sunrise Resources PLC - Sunrise Resources raises £350,000 for Nevada project
The company manages the CS pozzolan-perlite project in Nevada, USA

Sunrise Resources PLC (LON:SRES) has raised £350,000 for its CS pozzolan-perlite project in Nevada, USA through a conditional placing.

The funds will be used to complete mine permitting, scheduled for the end of this quarter, further sampling and customer trials, work preparatory to mine start-up and for general working capital purposes.

READ: Sunrise shines as it inks agreement to lease processing plant at CS project

The AIM-listed miner issued 350,000,000 new ordinary shares at a price of 0.1p each, arranged by joint broker Peterhouse Capital, representing a discount of approximately 23% to the closing market bid-price on 31 October.

Sunrise's executive chairman Patrick Cheetham subscribed £100,000 as part of the placing, and now holds total shares representing 7% of the company's issued share capital.

“I am pleased to have this opportunity to continue my support for the company alongside new investors introduced by Peterhouse and to have secured the funds that will allow the company to complete its mine permitting programme for the CS pozzolan-perlite project,” Cheetham said in a statement.

Quick facts: Sunrise Resources PLC

Price: 0.256 GBX

AIM:SRES
Market: AIM
Market Cap: £9.42 m
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Sunrise Resources chairman hails mine permit for CS perlite-pozzolan project

Sunrise Resources PLC's (LON:SRES) Patrick Cheetham speaks to Proactive's Polly Middlehurst soon after securing a mine permit for the CS perlite-pozzolan project in Nevada, USA. The development means the project can move into the trial mining stage, along with advancing detailed engineering...

on 30/7/20

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