Sunrise Resources - £1 million funding, offer to existing shareholders
24 August 2020
("Sunrise" or "the Company")
Offer to Existing Shareholders
Total Voting Rights
The Placing was arranged through the Company's broker,
Use of Proceeds
The net funds raised will be applied primarily to the further development of the
As a means of providing existing shareholders the opportunity to participate in the Fundraise at the Placing Price, the Company has today issued an option to subscribe
The Broker Option has been issued primarily to facilitate the participation by existing shareholders of the Company who could not participate in the Placing by acquiring such new ordinary shares as would be issued to
Accordingly, 89,285,714 new ordinary shares of 0.1p each in the Company will be available at a price of
To participate in the Broker Option Offer, existing shareholders and other interested parties should communicate their interest to
As far as is practical, participation in the Broker Option Offer will be prioritised for shareholders named on the Company's share register at the close of business on Friday
The Broker Option Shares are not being made available to the public and none of the Broker Option Shares are being offered or sold in any jurisdiction where it would be unlawful to do so. No Prospectus will be issued in connection with the Broker Option.
Placing Shares, Broker
The Placing Shares and the Broker Option Shares will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared on or after the date on which they are issued.
The Placing Shares and Broker Option Shares together (total 357,142,856) represent 9.71% of the Company's enlarged issued share capital. The Placing Price represents a 24% discount to the closing bid price of the Company's shares on AIM on 21st
The issue of the Placing Shares and the Broker Option Shares is, inter alia, conditional on their admission to trading on AIM ("Admission"). Application will be made for the Placing Shares and the Broker Option Shares to be admitted to trading on AIM and Admission is expected to occur on or around
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules of the Financial Conduct Authority, the
Therefore, the total number of Ordinary Shares in the Company with voting rights will be 3,677,996,870. This figure may be used by Shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
"The Company recognises that its share price on AIM has increased since the Placing was initiated and that the Placing Price is now at a significant discount to the most recent closing bid price for the Company's ordinary shares on AIM. Consequently, the Company is pleased to have granted the Broker Option as a mechanism for existing shareholders in the Company to apply for shares at the Placing Price."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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The news release may contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely unduly on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Shares in the Company trade on AIM. EPIC: "SRES". Website: www.sunriseresourcesplc.com
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