17:59:41 EDT Thu 28 Mar 2024
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Euro Sun Mining Inc (2)
Symbol ESM
Shares Issued 90,307,029
Close 2019-12-12 C$ 0.265
Market Cap C$ 23,931,363
Recent Sedar Documents

Euro Sun Mining closes second tranche of financing

2019-12-12 17:05 ET - News Release

An anonymous director reports

EURO SUN CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FINANCING

Euro Sun Mining Inc. has closed its second tranche of a previously announced non-brokered private placement financing of common shares for gross proceeds of $525,000.

Pursuant to the second tranche, the company issued 2.1 million units of the company at a price of 25 cents per unit for gross proceeds of $525,000. Each unit consists of one common share of the company and one-half of a common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at an exercise price of 40 cents per common share until Dec. 12, 2021.

The closing of the offering, including the second tranche and any further tranches, is subject to receipt of final approval of the Toronto Stock Exchange.

The company paid a cash commission of $1,750 and issued 7,000 broker warrants to certain finders. Each broker warrant is exercisable to acquire one common share at a price of 40 cents per common share until Dec. 12, 2021. The common shares and warrants issued under the offering, and the common shares issuable upon exercise of the warrants and the broker warrants, are subject to a hold period that expires on April 13, 2020. Euro Sun intends to use the proceeds of the offering for the advancement of its 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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