6th Jun 2005 08:30
Sunrise Diamonds PLC06 June 2005 6 June 2005 Sunrise Diamonds plc Placing and Admission to AIM Sunrise Diamonds plc ("Sunrise" or the "Company"), announces that, with effectfrom 08.00am today (6 June 2005), its existing ordinary shares of 0.1p each("Ordinary Shares") and new ordinary shares of 0.1p each ("Placing Shares")issued pursuant to a successful placing, have been admitted to AIM. Ruegg & CoLimited is acting as the nominated adviser and W H Ireland as broker. Words and expressions defined in the Admission Document published on 31 May 2005shall have the same meaning as in this announcement. Key Statistics Placing Price 2p Number of Placing Shares 15,375,000 Number of Warrants* to be issued pursuant to the Placing 7,687,500 Number of Ordinary Shares in issue immediately following the Placing 75,375,000 Market Capitalisation of the Company at the Placing Price on Admission £1,507,500 Placing Shares as a percentage of the issued share capital 20.40% Gross proceeds of the Placing £307,500 Fully diluted share capital (assuming exercise of all warrants)87,562,500 * The 7,687,500 warrants to subscribe for Ordinary Shares have been issuedpursuant to the Placing on the basis of one Warrant for every 2 Placing Shares.These warrants are exercisable at 3p per Ordinary Share until 6th June 2006 and5p per Ordinary Share from 7th June 2006 to 6th June 2007. The Warrants have notbeen admitted to trading on AIM. Patrick Cheetham, Executive Chairman, said, "We are delighted with Sunrise'sadmission to AIM as we believe that it will provide greater access to capital toenable our company to pursue its business strategy as well as enhance theCompany's profile within the diamond exploration industry and increase thebusiness opportunities available to us." - Ends - For further information, please contact: Sunrise Ruegg & Co WH IrelandPatrick Cheetham Brett Miller Laurie BeeversT: 01625 626203 T: 020 7584 3663 T: 0161 832 6644 NOTES TO EDITORS About Sunrise. Sunrise Diamonds has been established as a spin-out from the Tertiary Mineralsplc group ("Tertiary") primarily to acquire and exploit Tertiary's diamondexploration interests in Finland. It also intends to acquire, explore for, anddevelop additional diamond exploration properties. Sunrise's properties comprise 2 claims (exploration licences) and 34 claimreservations in the Kuusamo region of north-east Finland. These confer exclusiveexploration rights over new kimberlite discoveries made by Tertiary Gold atKalettomanpuro and Kattaisenvaara and over 45 additional targets that theDirectors believe justify further exploration for diamondiferous kimberlites inthe newly defined Kuusamo kimberlite cluster. A programme of geophysics, diamondindicator mineral sampling and follow up drilling is scheduled to startimmediately. Whilst there are no geographic or commodity restrictions on its futureactivities, the Company intends to focus initially on exploration and evaluationof diamond exploration projects in Finland and prospective complementarygeological terrains in Northern Europe and adjoining areas. The Company may expand its exploration activities elsewhere in future and mayconsider the acquisition of advanced or producing diamond or other mineralassets. On 5 May 40,000,000 new Ordinary Shares were issued to Tertiary shareholders andother investors at 1p per share raising £400,000 gross. A further placing of15,375,000 new Ordinary Shares at 2p with attaching half-warrants exercisable at3p within 12 months or 5p within 12-24 months from AIM Admission has raised afurther £307,500 gross on Admission. Directors Patrick Cheetham, (aged 45) - Executive Chairman Mr Cheetham has 24 years experience in minerals exploration management for awide range of mineral commodities and over 18 years experience as an executivedirector of public traded companies. He is currently Executive Chairman ofTertiary Minerals which he founded in 1997. He has a first class honours degreein Mining Geology from the Royal School of Mines, Imperial College, Universityof London. Mr Cheetham co-founded Australian company Archaean Gold NL in 1993and in July 1996 it was the subject of a successful A$50 million takeover bid byLachlan Resources NL. Prior to founding Archaean Gold, Mr Cheetham was, from1986 to 1993, joint managing director of Dragon Mining NL, during which time hewas responsible for the formation of that company, the identification of andacquisition of its exploration projects, its listing on the Australian StockExchange and the subsequent development of its exploration projects. Prior tothat, he worked for Western Mining Corporation in Western Australia, and forImperial Metals Corporation in British Columbia, Canada. Neil Herbert (aged 39) - Non-Executive Director Mr Herbert is currently a director of Kalahari Diamond Resources plc,International Molybdenum plc and Galahad Gold plc. He is a Fellow of theAssociation of Chartered Certified Accountants and between 1991 and 1997 heworked for the accountancy firm PriceWaterhouseCoopers.. He was Group FinancialController of Antofagasta plc from 1998 to 2001 and Chief Financial Officer ofthe AIM listed Argentinean gold explorer Brancote Holdings plc from 12 September2001 until the successful completion of its acquisition by Meridian Gold Inc.for US$368 million in July 2002. He then joined other members of the formerBrancote Holdings plc management team at Patagonia Gold plc where he managed thecompany's successful AIM flotation in March 2003 and where he was FinanceDirector until the completion of a merger with Minera Puerto Madryn S.A. inDecember 2003. Francis Johnstone (aged 39) - Non-Executive Director Mr Johnstone is currently Commercial Director of Ridge Mining plc, an AIM listedexploration and development company focused on its platinum and associated metalprojects in South Africa. From 1989 to 1996, he was Group Projects andOperations Manager for gold producer Cluff Resources plc which had recentlydiscovered the Geita gold mine in Tanzania at the time of its acquisition byAshanti Goldfields in 1996. He is currently a non-executive director ofBrazilian Diamonds Limited, a company which is actively exploring a number ofdiamondiferous kimberlites in Brazil and also of Hidefield Gold plc. This announcement is not for release, distribution or publication in whole or in part in or into the United States, Japan or Australia. The information contained herein does not constitute an offer of securities for sale in the United States of America, Canada, the Republic of South Africa, the Republic of Ireland, Japan or Australia. This announcement has been issued by the Company and is the sole responsibility of the Company and has been approved solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Ruegg & Co Limited of 39 Cheval Place, London SW7 1EW. This announcement does not constitute or form part of an offer, or any solicitation of an offer, for securities and any purchase of or application for shares in the Placing should only be made on the basis of information contained in the Admission Document. The price and value of, and income from, shares may go down as well as up. Persons needing advice should consult a professional adviser. The information contained herein is not for publication or distribution in or into the United States of America. The materials do not constitute an offer of securities for sale in the United States of America, nor may the securities be offered or sold in the United States of America, nor may the securities be offered or sold in the United States of America absent registration or an exemption from registration as provided in the Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States of America. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption of registration or qualification under the securities laws of any such jurisdiction. Ruegg & Co Limited ("Ruegg") is regulated in the United Kingdom by the Financial Services Authority and is acting solely for the Company in connection with the Placing and Admission and no one else. Ruegg has been appointed as nominated adviser and broker to the Company. Ruegg will not regard any other person as its client or be responsible to any other person for providing the protections afforded to clients of Ruegg nor for providing advice in relation to the Placing and Admission. Ruegg is not making any representation or warranty, express or implied, as to the contents of this announcement. Ruegg accepts no liability whatsoever for the accuracy of any information or opinions expressed in this announcement or for the omission of any information. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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