Sunrise Resources plc (AIM:SRES) has conditionally raised £225,000 before expenses by issuing 900,000,000 new ordinary shares at 0.025 pence each — a price the company says "is equal to the market closing bid price of the Company's Ordinary Shares on 10 April 2026" — and will also issue 468,860,760 additional shares at the same price to settle longer‑term creditors. Together the new issues total 1,368,860,760 shares, or about 14.9% of the enlarged issued share capital of 9,181,262,596 ordinary shares, according to the announcement.
"The Board values its retail investor base and is also conscious of the need to provide existing shareholders with the opportunity to participate in any capital raise being undertaken by the Company, where practically and commercially feasible." the company said. It invited existing shareholders to request participation on the same terms by 2.00pm on 15 April 2026 and said it may, if there is sufficient demand, consider a retail offer via a shareholder access platform (but is not obliged to).
The placing was arranged by broker AlbR Capital Limited. Executive Chairman Patrick Cheetham and non‑executive director Adam Hainsworth each subscribed £50,000 for 200,000,000 placing shares; their participation has been treated as related party transactions and was judged fair and reasonable by independent director James Cole after consultation with the company's nominated adviser. In addition to director fee shares, the company will issue 336,604,000 new shares to Tertiary Minerals plc in partial settlement of management fees; Tertiary will hold 358,558,787 shares (3.91% of the enlarged capital) after admission.
The 468,860,760 "Additional Shares" include 96,256,760 shares to past and present directors in part settlement of fees for the periods November 2023–March 2024 and April 2025–December 2025, issued under terms first agreed on 20 August 2008, the company said. AlbR will also receive 25,000,000 broker warrants exercisable at 0.025 pence per share for 12 months from admission.
Net proceeds from the placing will be applied to general working capital and "to support the Company's plans for advancement of the Company's mineral projects," the announcement states. No cash balance or runway figures were disclosed.
The issue of the placing and additional shares is conditional only on admission to trading on AIM. Admission is expected to occur on or around 17 April 2026, when the company's total voting rights will be 9,181,262,596 ordinary shares, the company said.
