Sunrise Resources raises £350 000

9th January 2019 By: Tasneem Bulbulia - Senior Contributing Editor Online

Aim-listed Sunrise Resources has raised £350 000 before expenses, through a conditional placing of 291.67-million shares at a price of 0.12p apiece, representing a discount of about 14% to the closing mid-market price on January 8.

The net funds raised will be applied primarily to the company’s CS Pozzolan-Perlite project in Nevada, in the US, to continue mine permitting, customer trials and other work required for the 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,” executive chairperson Patrick Cheetham commented in a statement on Wednesday.

The placing shares represent 10.66% of the company’s enlarged issued share capital.