20:04:10 EDT Thu 28 Mar 2024
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Euro Sun Mining Inc (2)
Symbol ESM
Shares Issued 100,407,029
Close 2020-01-29 C$ 0.29
Market Cap C$ 29,118,038
Recent Sedar Documents

Euro Sun closes $3.3-million private placement

2020-01-30 10:44 ET - News Release

An anonymous director reports

EURO SUN CLOSES PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FINANCING

Euro Sun Mining Inc. has closed its previously announced non-brokered private placement financing of common shares for total gross proceeds of $3.3-million. Pursuant to the closing of the offering, the company issued 11,379,310 shares of the company at a price of 29 cents per share for gross proceeds of $3.3-million.

Euro Sun intends to use the proceeds of the offering for the advancement of its Rovina Valley project and for general corporate purposes.

The common shares issued under the offering are subject to a hold period that expires on May 30, 2020.

Corporate update

The company's focus for 2020 continues to be on the successful completion of its three major initiatives. At the project level, Euro Sun is working on its urbanization certificate, which is split into two parts; the first is the company's environmental impact assessment (EIA) and the second being its rezoning plan.

As previously press released, the company has retained international environmental consultancy ERM, through its local offices in Romania, to conduct the EIA process and public audience as part of the company's urbanization certificate for the project. Additionally, the company continues to advance the urbanization certificate for the plan of the project through the completion of the continuing survey and cadastral registration as the company moves the current project footprint through the necessary rezoning plan with the local county-level authorities.

During 2019, management spent considerable time and effort to optimize the parameters of the project in preparation for Euro Sun's feasibility study. The company conducted numerous trade-off studies focused on optimizing the project without increasing the initial capital required for the project. As such, the feasibility study will now focus on the inclusion of the Rovina open pit sequentially to the Colnic open pit. The company now expects to deliver a much larger project than that of the preliminary economic assessment of 2019 with higher gold and copper production through a longer mine life. The company's staged approach to exploiting the project with the inclusion of Colnic and Rovina will maximize the economics of the project while still leaving tremendous upside with the Ciresata deposit to be developed at a later stage.

The company just returned from the Vancouver resource investment conference where it introduced its outstanding project to many new investors. Euro Sun has also been invited to present at the 29th BMO global metals and mining conference being held in Hollywood, Fla., from Feb. 23 to 26, one of the pre-eminent global mining conferences by invitation only.

Also, Stan Bharti has resigned from the board of directors effective immediately.

About Euro Sun Mining Inc.

Euro Sun is a 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.

We seek Safe Harbor.

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