An anonymous director reports
EURO SUN MINING ISSUES DEBENTURE FOR PROCEEDS OF US$660,000
Euro Sun Mining Inc. has issued a debenture to certain lenders providing for a principal amount of $660,000 (U.S.) and maturing on June 15, 2024. The debenture is non-interest bearing, and is secured against all of the assets and property of the company pursuant to a general security agreement. The principal amount will be advanced in two tranches, with the first $115,000 (U.S.) advanced upon execution of the debenture and a second $545,000 (U.S.) advanced by Dec. 15, 2023.
Euro Sun intends to use the principal amount for financing annual mining licence fees for the Rovina Valley project, and for working capital costs in Canada and Romania.
In connection with the debenture, the company issued an aggregate amount of 20 million warrants of the company to the lenders. Each warrant will entitle the holder thereof to acquire one additional common share of the company at an exercise price of five cents per common share until Dec. 6, 2026. All warrants and securities issuable thereunder are subject to a hold period of four months and one day from the date of issuance.
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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