GREY:WLDFF - Post by User
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24~Karaton Jun 01, 2006 3:12pm
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SUN Closes $1.3 M Financing
SUN Closes $1.3 M FinancingSUNRISE MINERALS INC. CLOSES $1.3 MILLION FINANCING
Sunrise Minerals Inc. confirms the completion of the brokered private placement which raised $1.3-million, as reported in Stockwatch on April 4, 2006. PowerOne Capital Markets Ltd. acted as agent in the financing. A total of 4,333,333 units were placed at a price of 30 cents per unit. Insiders and related companies acquired over 23 per cent of the financing.
Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant is exercisable to acquire one additional common share at an exercise price of 35 cents until May 29, 2008. All of the securities issued pursuant to the financing are subject to a four-month hold period expiring on Sept. 30, 2006.
PowerOne received a cash commission of 8 per cent of the gross proceeds of the offering and warrants equal to 10 per cent of the number of units sold. Each broker warrant is exercisable into one unit at an exercise price of 30 cents until May 29, 2008.
Proceeds from the financing will be used to finance continued exploration of the company's copper and gold projects in Baja, Mexico, evaluation of additional projects in Latin America, and for general corporate purposes. Completion of the offering is subject to the receipt of final TSX Venture Exchange approval.