Mr. Niel Marotta reports
SUN SUMMIT ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UP TO $7 MILLION
Sun Summit Minerals Corp. has arranged a non-brokered private placement of up to 50 million charity flow-through shares of the company at a price of 14 cents per charity FT share for aggregate gross proceeds to the company of up to $7-million. Each charity FT share will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).
The company intends to use all of the gross proceeds of the private placement for exploration of the company's JD, Theory and Buck properties and any other Canadian properties that the company may acquire, provided that the company will use an amount equal to the gross proceeds received by the company from the sale of the charity FT shares to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the tax act.
"This capital will fully fund our 2026 exploration program and help accelerate our progress towards an initial mineral resource estimate at JD. The calibre of investors who have agreed to participate in this offering provides additional validation for the quality of the JD project," said Niel Marotta, chief executive officer of Sun Summit.
The closing of the private placement is subject to certain closing conditions, including the approval of the TSX Venture Exchange. The company may pay finders' fees in cash or securities to certain arm's-length finders engaged in connection with the private placement, subject to the approval of the TSX-V. Eventus Capital Corp. has been appointed as a finder in connection with the private placement. The charity FT shares issued pursuant to the private placement will be subject to a four-month hold period in accordance with applicable securities laws.
About Sun Summit Minerals Corp.
Sun Summit Minerals is a mineral exploration company focused on the discovery and advancement of district-scale gold and copper assets in British Columbia. The company's diverse portfolio includes the JD and Theory projects in the Toodoggone region of north-central B.C. and the Buck project in central B.C.
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