15 January 2014
SUNRISE RESOURCES PLC
Share & Warrant Issue & Total Voting Rights
Issue of New Ordinary Shares
Sunrise Resources plc (ticker symbol 'SRES'), the AIM-quoted diversified mineral exploration and development specialist ("the Company"), announces that on 14 January 2014 the Board of the Company resolved to issue 1,699,640 new ordinary shares of 0.1 pence each in the Company to its directors in lieu of net fees for the six month period ended 31 December 2013. The issue of shares to Directors in lieu of fees is in line with current Company practice and enables the Company to keep its cost base to a minimum, preserving cash for exploration activities.
The new ordinary shares were issued at a price of 0.55 pence per share, being the closing mid-market price of the ordinary shares on 13 January 2014.
The following table shows the number of new ordinary shares issued to directors and their total holdings following the issue of new ordinary shares now being announced:
Director name | Number of new shares issued | Interest in enlarged issued share capital | % of enlarged issued share capital |
Patrick Cheetham | 646,825 | *14,089,287 | 3.66% |
Francis Johnstone | 499,135 | 5,329,475 | 1.38% |
David Swan | 553,680 | 2,150,684 | 0.56% |
* includes 5,500,000 shares held by K E Cheetham, wife of P Cheetham.
Application will be made for the 1,699,640 new ordinary shares to be admitted to trading on AIM and admission is expected to occur on 21 January 2014.
Following admission, the Company's enlarged issued share capital will comprise 384,950,213 ordinary shares with one voting right per share. There are no shares held in treasury and the total number of voting rights in the Company is therefore 384,950,213.
Total Voting Rights
This figure of 384,950,213 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
Issue of Warrants
The Company also announces that on 14 January 2014 the Board of the Company granted 6,250,000 warrants to officers and directors of the Company and to employees of Tertiary Minerals plc working on its behalf. The Grant included the following directors of the Company:
Name | Number of warrants granted |
Patrick Cheetham (Executive Chairman) | 2,000,000 |
Francis Johnstone (Non-executive Director) | 1,000,000 |
David Swan (Non-executive Director) | 1,000,000 |
Each warrant entitles the holder to subscribe for one new ordinary share at the price of 0.55 pence per share, being the closing mid-market price on the 13 January 2014, and the warrants may be exercised at any time within 4 years from 14 January 2015.
As a result of this issue of warrants the total number of warrants currently held by each Director is as follows:
Name | Number of warrants held |
Patrick Cheetham (Executive Chairman) | 12,000,000 |
Francis Johnstone (Non-executive Director) | 6,000,000 |
David Swan (Non-executive Director) | 2,000,000 |
Further information:
Sunrise Resources plc Patrick Cheetham, Executive Chairman | Tel: | +44 (0) 845 868 4590 |
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Northland Capital Partners Limited Gavin Burnell/Edward Hutton Alice Lane/Mark Simpson (Broking) | Tel: | +44 (0)20 7796 8800 |
Yellow Jersey PR Limited Dominic Barretto/Kelsey Traynor | Tel: | +44 (0)203 664 4087 |
