Mr. Brian Lock reports
SUN SUMMIT CLOSES OPTION AGREEMENT TO ACQUIRE JD PROJECT AND ANNOUNCES EFFECTIVE DATE FOR CONSOLIDATION
Further to Sun Summit Minerals Corp.'s news releases dated Nov. 9, 2023, Jan. 9, 2024, and Jan. 29, 2024, it has closed its option agreement with arm's-length parties of the company (the optionors), pursuant to which the company has been granted the option to acquire a 100-per-cent interest in the JD project in the Toodoggone gold-copper district in north-central British Columbia. For further details regarding the option agreement, see the company's press release dated Jan. 9, 2024.
In connection with the option agreement, Sun Summit intends to consolidate its outstanding common shares on the basis of one postconsolidation common share for every three preconsolidation common shares, as described in the company's news releases dated Nov. 9, 2023, and Jan. 29, 2024. It is anticipated that the company's common shares will begin trading on the TSX Venture Exchange on a postconsolidated basis at market open on Feb. 8, 2024. The option agreement and consolidation remain subject to the final approval of the TSX Venture Exchange.
The company will be issuing the initial tranche of two million common shares of the company to the optionors under the option agreement shortly after completing the consolidation. All common shares of the company issued pursuant to the terms of the option agreement are subject to a hold period under applicable securities laws of four months from the date of issuance.
About Sun Summit Minerals Corp.
Sun Summit Minerals is a mineral exploration company focused on expansion and discovery of district-scale gold and copper assets in British Columbia. The company's diverse portfolio includes the Buck project in central B.C., and the JD project in the Toodoggone region of north-central B.C.
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