Sunrise Resources offloads holding in Block Energy

Sunrise Resources has sold its shareholding in Block Energy, it announced on Wednesday.

The AIM-traded company said its holding of 466,474 shares in Block Energy was sold on 18 June, at an average price of 10.43p per share, making for gross proceeds of £48,649.

That represented a book profit of £23,120 after acquisition and disposal costs.

Sunrise said the net proceeds of the sale would be added to its existing cash resources, and used to advance its CS Pozzolan-Perlite Project in Nevada.

“Whilst we see a bright future for Block Energy this disposal is in line with our strategy to sell or joint venture non-core assets as an alternative to raising money from the markets as we progress our CS Project towards production,” said Sunrise Resources executive chairman Patrick Cheetham.