Sunridge Gold is on the move today with a big volume. Company has announced non brokered financing: with this kind of action we can expect either results from drilling or somebody serious will take the significant position in the company - will it be Antofagasta Minerals S.A., confirming the value of it is previous investment or somebody else will come into picture?
"Sunridge Gold Corp. (SGC-TSX-V) is a junior company that has successfully defined four independently estimated 43-101 mineral deposits on the Asmara Project, Eritrea in East Africa. A positive scoping study on the large Emba Derho copper-zinc-gold deposit was completed in June 2009.
The four deposits have total indicated 43-101-resources containing:
•1.28 billion pounds. of copper,
•2.5 billion pounds of zinc,
•1.05 million ounces of gold, and
•31.2 million ounces of silver
Sunridge recently entered into a strategic partnership with Antofagasta Minerals S.A. whereby Antofagasta has agreed to fund US $10,000,000.in exploration work on areas of the Asmara Project and has become the Company's largest shareholder through a US $5.0 million private placement.
Management: Sunridge is managed by an experienced team with a successful track record of discovery and development of precious and base metals projects with companies such as Bema Gold and Nevsun Resources."
"Sunridge Gold is on the move today, it is our second rocket after Almaden Minerals in the last couple of weeks, something is boiling on in this one..."
Sunridge Gold arranges $10-million private placement
2010-09-24 14:12 ET - News Release
Mr. Michael Hopley reports
Sunridgecens per unit. The company reserves the right to increase the size of the private placement or to modify the type, nature and/or price of the units for any reason. Each unit will consist of one common share and one-half of one common share purchase warrant. 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 from closing the private placement. The private placement and any modifications to it are subject to compliance with applicable securities laws and to receipt of regulatory approval. The company may pay finders' fees in accordance with the policies of the TSX Venture Exchange.
The proceeds of the financing will be used to finance the company's work programs at the Asmara project in Eritrea and for general corporate purposes."