An anonymous director reports

EURO SUN MINING ANNOUNCES RECEIPT OF WAIVERS AND CLOSING OF FIRST TRANCHE OF OFFERING

Euro Sun Mining Inc. has signed an agreement with Lind Global Fund II LP, an investment entity managed by The Lind Partners, a New York-based institutional fund manager, to issue 12.5 million warrants of the company in exchange for Lind's waiver of its: (a) continuing conversion rights under the two convertible security financing agreements; and (b) its right to receive common shares of the company should the company elect to buy back the amounts outstanding under the CSFA, in each case for the period between July 31, 2023, and Aug. 28, 2023.

Each warrant will entitle Lind to acquire one additional common share of the company at an exercise price of five cents per common share until Aug. 9, 2026. Furthermore, the warrants may not be exercised until Dec. 9, 2026, unless the closing price of the common shares is 7.5 cents or higher or there is a change of control of the company. The exercise price of the warrants is the same as the price per common share in the offering of common shares announced by the company on July 25, 2023.

The company intends to use the proceeds of the offering to repay the outstanding convertible securities. The company appreciates Lind's co-operation to grant the waivers and believes the waivers are in the best interest of shareholders as it enables the company to repay the outstanding amounts under the CSFAs, in full, in cash and reduce potential dilution to shareholders.

First tranche closing

The company is also pleased to announce that it has closed its first tranche of the offering for gross proceeds of $150,000, subject to the approval of the Toronto Stock Exchange.

Pursuant to the first tranche, the company issued three million common shares at a price of five cents per common share. No finders' fees were paid in connection with the closing of the first tranche. The common shares issued under the first tranche are subject to a statutory hold period ending four months and one day from the closing date of the first tranche. The company anticipates closing additional tranches under the offering.

The company intends to use the proceeds of the first tranche to advance the Rovina Valley project and for general corporate purposes.

About Euro Sun Mining Inc.

Euro Sun is a Toronto Stock Exchange-listed mining company focused on the exploration and development of its 100-per-cent-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second-largest gold deposit in Europe.

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