TORONTO, March 01, 2022 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has closed the first funding amount of $3.5 million pursuant to its previously announced convertible security funding agreement (the “Agreement”) with Lind Global Fund II, LP, an investment entity managed by the Lind Partners, a New York based institutional fund manager (together “Lind”).
Euro Sun intends to use the funding for development expenditures at its Rovina Valley Project and for general and corporate working capital purposes.
Pursuant to the Agreement, the Company has issued to Lind (i) a convertible security (a “Convertible Security”) with a face value of $4.2 million (the “Loan Face Value”), which includes pre-paid interest of $700,000, as set out in the Agreement, and (ii) 7,947,321 warrants of the Company (the “Warrants”) exercisable for 48 months from the date of their issuance, subject to acceleration, with a warrant exercise price of $ 0.28626, being 130% of the 20-day VWAP of the Shares, immediately prior to execution of the Agreement.
For additional details on the terms of the Agreement and the Convertible Security see the press release dated February 22, 2022.
The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the common shares underlying the Convertible Security and the Warrants on the TSX. The listing is subject to the Company fulfilling all of the requirements of the TSX on or before March 7, 2022.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein. The securities offered have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons (as both such terms are defined in Regulation S promulgated under the U.S. Securities Act) absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com.
About The Lind Partners
The Lind Partners is an institutional fund manager and leading provider of growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind makes direct investments ranging from US$1 to US$30 million, invests in syndicated equity offerings and selectively buys on market. Lind has completed more than 100 direct investments totaling over US$1 billion in value and has been a flexible and supportive capital partner to investee companies since 2011. For more information, please visit www.thelindpartners.com.