Sunrise Resources' shares fall as it raises £250,000

Sunrise Resources' shares fell almost 9% after the diversified mineral exploration and development company raised £250,000 at 0.1p a share in a placing.

The company said net funds raised would be used to progress its industrial mineral and precious metal projects in Nevada, as well as for general working capital.

In total, Sunrise placed 250m shares, these representing 17.07% of the enlarged share capital.

"This funding will allow us to advance the CS Project where excellent results were reported last week and where the Concept Study currently in progress is expected to provide a road map for commercialisation of the project," said executive chairman Patrick Cheetham.

"It will also provide the opportunity to rationalise our project portfolio, focusing on our US assets where we are well positioned to take advantage of the upswing in investor interest in the resource sector."

Cheetham added that the industrial mineral sector in particular was expected to be a major beneficiary of the Trump Administration's infrastructure development drive.

At 10:21 GMT, shares in AIM-quoted Sunrise were down 8.7% to 0.1p each.