Sunrise Closes Final Tranche of $500,000 Private Placement
Armstrong, British Columbia CANADA, August 01, 2013 /FSC/ - Sunrise Resources Ltd. (SHI - TSX Venture), (the "Company") is pleased to announce that it has closed the second and final tranche of a non-brokered private placement (the "Private Placement") announced on May 7 and May 28, 2013, issuing 980,663 units at a price of $0.15 per unit for gross proceeds of $147,100 (total $500,000 in two tranches). Each unit consists of one common share and one-half of one warrant. Each full warrant entitles the holder to purchase one additional common share of the Company for a period of 24 months at a price of $0.25 per share during the first year and at a price of $0.35 during the second year, subject to accelerated expiry in certain circumstances. No finder's fees or commissions were paid with respect to the Private Placement.
According to President Irvin Eisler: "I am extremely pleased that we successfully raised $500,000 during very tough market conditions. Our investors share our excitement over the upside potential of our multiple mineral properties in BC. We are striving to reward our investors, new and old, through our ongoing exploration programs."
The Company has already spent a portion of the proceeds of the Private Placement for diamond drilling on the Company's Man-Prime Property (assay results pending) and intends to spend a further portion for diamond drilling on the Company's Man-Prime Property and Timothy Property and the balance for general working capital.
If the closing price of the common shares of the Company on the TSX Venture Exchange (the "Exchange") is $0.35 per share or more during the first year and $0.45 per share or more during the second year for ten consecutive trading days, then the Company may, in its sole discretion, within ten business days of such ten consecutive trading day period, accelerate the expiry of the warrants by way of issuing a news release confirming that the warrants will expire on the 30th calendar day after such news release is issued.
All the securities issued in the Private Placement are subject to a hold period which under applicable securities laws and Exchange policies expires after December 1, 2013.
For further information, please contact:
Responsible Officer: Irvin Eisler, CEO and President
Telephone: (250) 546-6559
Email: i_eisler@telus.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to use of the proceeds of the Private Placement and the completion of diamond drilling on the Company's properties. Important factors that could cause actual results to differ materially from the Company's expectations are management's discretion to reallocate the proceeds of the Private Placement and adjust the exploration plans for its properties.
The Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
To view this press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/sunrise08012013.pdf
Source: Sunrise Resources Ltd. (TSX.V-SHI)
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