$550,000 Raised by Sunrise Energy Resources
NEW YORK - Sunrise Energy Resources, Inc. (OTCBB:SEYR), has announced the execution and delivery of definitive documentation for the private placement of 3 year convertible debentures in the aggregate principal amount of $550,000 net of fees and commissions. The Notes shall bear interest at the rate of 7% per annum, payable on March 13 of 2008, 2009 and 2010. The initial conversion price was set at $3 per share subject to adjustment for certain issuances, transactions and events resulting in dilution to the holders.
The Company plans to use the proceeds to build a separation facility and a 1 mile long gas pipeline on Well #21 of Karaikozovsk block to tie Well #21 to the trunk pipeline. The Company plans to launch the recently completed Well #21 into production in July 2007. According to the preliminary flow tests, the Company expects to more than double its revenues as a result of the launch of Well #21. The remainder of the proceeds will be used to complete the drilling of an exploration well on the Company’s Peremyshlyansk property and also to finance general corporate expenses.
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