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Sun Resources Receives Initial Substantial Shareholder Notice From Hancock Prospecting

Sun Resources (ASX: SUR) has received an initial substantial shareholder notice from Hancock Prospecting Pty Ltd, which now holds a 18.48% interest in the company.

Hancock had acquired 450 million shares in the company at $0.03 each, or a total of $13.5 million, through a private placement.

Proceeds from the placement will be used by Sun to progress its strategy of de-risking and confirming profitable oil production from its Lower Woodbine tight oil play in Texas.

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