By Devika Patel
Knoxville, Tenn., Jan. 4 - Sunrise Mining Corp. completed a $3 million private placement of units, according to an 8-K filed Friday with the Securities and Exchange Commission.
On Jan. 3, the company sold 75 million units at $0.04 apiece. Each unit consists of one common share and one warrant. The warrants are exercisable at $0.10 for three years.
The company's chief executive officer and president, Xuguang Sun, invested $1.5 million.
Proceeds will be used to identify and develop projects in China.
Alhambra, Calif.-based Sunrise Mining is a junior resource company engaged in exploring for and developing base and precious metal assets primarily in Mongolia.
| Issuer: | Sunrise Mining Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $3 million
|
| Units: | 75 million
|
| Price: | $0.04
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.10
|
| Investor: | Xuguang Sun (for $1.5 million)
|
| Settlement date: | Jan. 3
|
| Stock symbol: | OTCBB: SUIP
|
| Stock price: | $0.06 at close Jan. 3
|
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