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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Sat Sep 25 2010 - 06:59:49 EDT
Sunridge plans $10M non-brokered private placement to fund Eritrean project
By The Canadian Press
September 25, 2010 - 2:42 p.m.
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VANCOUVER - Sunridge Gold Corp. (TSXV:SGC) announced Friday it plans a
non-brokered private placement to raise up to $10 million.
Under terms of the placement, the Vancouver-based company will issue up to
20 million units, representing one share and one-half of one share purchase
warrant, for 50 cents per unit.
Each whole warrant will entitle the holder to purchase one additional common
share of the company at a price of 75 cents for a period of two years after
closing.
Proceeds of the financing will be used to fund the company's work programs
at the Asmara project in Eritrea and for general corporate purposes.
Sunridge is a mineral exploration and development company focused on the
acquisition, exploration and development of base and precious metal projects
on the Asmara project in Eritrea and exploration properties in Madagascar.
Its stock was up 12 cents or 21.43 per cent at 68 cents Friday afternoon on
the Toronto Venture market.
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