Tertiary Minerals sells 31.5 million shares in Sunrise

Tertiary Minerals announced on Thursday that it has sold 31.5 million shares in Sunrise at a price of 0.08p per share, for a total consideration of £25,200.

The AIM-traded firm said it now owned 79,454,787 shares in Sunrise, being 2.89% of its issued share capital.

It said the shares were bought by Patrick Cheetham, chairman of both Tertiary and Sunrise.

“Mr Cheetham is a related party to the company, as defined by the AIM Rules for Companies,” Tertiary Minerals explained in its statement.

“The independent directors of Tertiary, having consulted with the company's nominated adviser, consider that the terms of the transaction are fair and reasonable insofar as the shareholders of the company are concerned.”