The AIM-traded company said its joint broker, Peterhouse Capital has conditionally placed 181,818,182 new ordinary shares at a price of 0.11p each, representing approximately an 8.3% discount to the stock's closing market price on 13 February 2020.
The group noted that the placing shares represent approximately 5.52% of the company's enlarged issued share capital.
Sunrise said the net funds raised, in conjunction with existing cash resources, will be applied primarily to the completion of mine permitting for the CS Pozzolan-Perlite Project, the initial mine reclamation bond, the processing and provision of additional samples to potential customers and general working capital.
Patrick Cheetham, Sunrise’s executive chairman commented: "We welcome this additional funding which will ensure that we have the funds in place for the initial mine reclamation bond when the mine permit is decided, and also allow us to service various customer requirements for additional samples as part of our market development work."
In afternoon trading, shares in Sunrise were trading at 0.13p each, up 4% on Thursday’s close.
The company has previously said it would deliver its full-year results for the year-ended 30 September 2019 on or around Tuesday, 18 February.