Sunrise Energy Metals Limited (ASX:SRL)

Sunrise Energy Metals Limited, also known as Sunrise, announced the successful completion of a A$46 million placement to fund pre-construction activities at their Syerston Scandium Project. This placement involved issuing 10.7 million fully paid ordinary shares at a price of $4.25 per share. The placement will support activities such as engineering, connecting water and power to the site, in-fill drilling, and securing equipment to advance the world's largest and highest-grade scandium mine. The placement, which has been well-received by both existing and new investors, represents a 2.2% premium on the SRL closing price prior to the announcement and a discount to the 30-day VWAP. Directors, including Robert Friedland and Sam Riggall, will participate on the same terms subject to shareholder approval. This initiative is complemented by potential future funding support from US EXIM Bank, amounting to US$67 million, positioning the company for a robust financing package for the Syerston Project.