09:21:33 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Euro Sun Mining Inc (2)
Symbol ESM
Shares Issued 111,786,029
Close 2020-05-14 C$ 0.445
Market Cap C$ 49,744,783
Recent Sedar Documents

Euro Sun Mining arranges $12M bought deal

2020-05-15 11:09 ET - News Release

An anonymous director reports

EURO SUN MINING ANNOUNCES C$12 MILLION BOUGHT DEAL PUBLIC OFFERING OF UNITS

Euro Sun Mining Inc. has entered into an agreement with Sprott Capital Partners LP on its own behalf and, if applicable, of a syndicate of underwriters, pursuant to which the underwriter has agreed to purchase, on a bought deal basis, 30,769,231 units of the company at a price of 39 cents per unit for gross proceeds of approximately $12-million. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant entitling the holder to purchase one common share at 55 cents at any time on or before the date which is 36 months after the closing date (as defined below).

The company will grant to the underwriter an option to cover overallotments and for market stabilization purposes to purchase up to that number of additional units equal to 15 per cent of the offering size at the issue price. The overallotment option will be exercisable in whole or in part, at any time and from time to time, for a period of 30 days from and including the closing date. If the overallotment option is exercised in full, an additional $1.8-million will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be approximately $13.8-million.

The company intends to use the net proceeds of the offering for the exploration and development of the company's projects, including permitting and feasibility study, and for working capital purposes.

The offering is scheduled to close on or about June 5, 2020, or such other date as may be agreed to between the company and the underwriter and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

On the closing date, the company shall pay to the underwriters a cash commission of 7 per cent of the gross proceeds raised under the offering (including in connection with the exercise of the overallotment option). In addition, on the closing date, the company shall issue to the underwriters warrants of the company, exercisable for a period of 24 months following the closing date, to acquire in aggregate that number of units which is equal to 7 per cent of the number of units sold under the offering (including units issued in connection with the exercise of the overallotment option) at an exercise price equal to the issue price.

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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