Sunrise Resources wins following Taoudeni sale

Sunrise Resources updated the market on its position following the acquisition of its investment Taoudeni Resources on Thursday, by ISDX-traded Goldcrest Resources.

Following completion of the transaction, and as a result of its seed capital shareholding in Taoudeni, Sunrise now held 116,618,627 ordinary shares in Goldcrest, which represented 5.57% of the enlarged share capital.

The original cost of the company's investment in Taoudeni was £25,000. Based on the mid-market price on ISDX at the close of business on 2 March, the value of the shareholding in Goldcrest was £69,971.

Sunrise had also been issued 9,799,716 warrants which vested on the planned admission of Goldcrest to trading on AIM, which were exercisable at 0.05p per share for a 10 year period from the date of admission.

The shares were subject to a 12 month hold period from 19 January 2016, and 12 months from admission.

"We are pleased to have taken a position in Taoudeni ahead of the consolidation of the exciting Asheba and Akoko gold projects in Goldcrest and look forward to news of further progress," said Sunrise executive chairman Patrick Cheetham.

"These are very interesting times for investment in the mining industry and, as we consider that we are at or close to the bottom of the current cycle, we will consider additional investments in the sector alongside our main exploration business when appropriate opportunities arise," he added.

The company said Goldcrest Resources wan an African-focused exploration company, with interests including the advances Asheva-Akoko Gold Project close to Endeavour Mining's Nzema Mine at the southern end of the Ashanti Gold Belt.