"We believe that Lukas Lundin will have to make his move and show that now - with cash flow from Tenke Fungurume and further expansion of production in DRC - he can build value in Lundin Mining itself. Realisation of the facts, described above, by the market could bring the share price north of CAD10.0 (we will not be surprised to see a target price of this magnitude with company's book value at around CAD5.2 now and E/P at CAD 0.13 in Q2 2010). Lukas will be again in a very favorable position after these very tough few years for the company. He can and should use his currency - shares in the company above CAD10.0 to buy another companies with sizable projects at still undervalued valuations among juniors. He should definitely, in our opinion, to study well opportunities for acquisition in CIBC report. His another company - NGeX Resources is a part of that M&A list with its properties in Argentina, Chile, Africa and Canada is moving up nicely in price these days as well. TNR Gold has a few J/V projects with NGeX Resources in Argentina. Lukas Lundin was buying recently NGeX Resources in the market."
2010-10-26 18:15 ET - News Release
Mr. Michael Hopley reports
SUNRIDGE GOLD RAISES $10 MILLION
Sunridge Gold Corp. has issued 20 million common shares and 10 million common share purchase warrants to raise gross proceeds of $10-million pursuant to a non-brokered private placement previously announced in Stockwatch on Sept. 24, 2010.
The company is pleased to acknowledge the continued support and participation of Lundin Mining Corp. in this private placement, as Lundin exercised its pre-emptive rights and acquired 2,255,728 units.
Each warrant entitles the holder thereof to purchase one common share in the capital of the company at a price of 75 cents until Oct. 26, 2012.
The common shares issued, and any common shares issued pursuant to the exercise of warrants prior to Feb. 27, 2011, are restricted from trading until Feb. 27, 2011.
The company paid finders' fees to persons who introduced it to private placement investors, consisting of $422,800 cash, 467,800 common shares and 158,900 warrants.
The proceeds of the financing will be used to finance the company's work programs at the Asmara project in Eritrea, exploration work at the Besakoa project in Madagascar and for general corporate purposes. Work programs at the Asmara project in Eritrea will include a full feasibility study for the Debarwa high-grade copper-gold deposit, a prefeasibility study for the combined Emba Derho, Adi Nefas, Gupo and Debarwa deposits, and drill programs at the Gupo and Medrizien gold projects."