Sunrise Uses Private Placement for Ukraine Exploration Well
Sunrise Energy Resources has launched a private placement of $1 million convertible debenture notes.
Effective March 30, 2006, Sunrise executed a Convertible Note Subscription Agreement to complete a $1 million private placement financing in the form of 10-percent convertible notes.
In accordance with the subscription agreement, the company will receive the funding in several portions until June 30, 2006. The company has already received the first share in the amount of $387,000. Each tranche will mature in 3 years of the receipt of funds.
Sunrise will use the proceeds of the private placement to finance drilling of the first exploration well on its Peremyshlyansk block in the Lviv region of western Ukraine. In addition, the funds will go toward the completion of production Well #21 on Sunrise's Karaikozovsk's property in Kharkov region of eastern Ukraine.
- Sunrise Says Well #21 to Come Online Late August (Jul 26)
- Sunrise Hires Netherland, Sewell to Report on E. Ukraine Reserves (Jun 08)
- Sunrise Announces Expected Flow Rates from Karaikozovsk Well (May 07)