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Sunrise secures £3m financing

Fledgling diamond explorer Sunrise Resources has caught the eye of an institutional fund
October 25, 2012

Sunrise Resources (SRES) has secured a £3m “equity financing facility” with an institutional fund, Henderson Global Investors’ AlphaGen Volantis Fund, alleviating short-term funding worries for the diamond explorer.

IC TIP: Sell at 1.98p

Sunrise can draw down the funds if and when required over the next three years – though that could dilute the interests of existing shareholders by as much as 45 per cent. Yet Sunrise has no immediate need for new for capital, with about £620,000 cash on 22 October.

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