coinman wrote: Euro Sun Closes Second Tranche of Private Placement Financing
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
TORONTO, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has closed its second tranche of a previously announced non-brokered private placement financing of common shares (the “Offering”) for gross proceeds of C$525,000.00 (the “Second Tranche”).
Pursuant to the Second Tranche, the Company issued 2,100,000 units of the Company (each a “Unit” and collectively, the “Units”) at a price of C$0.25 per Unit for gross proceeds of C$525,000.00. Each Unit consists of one common share of the Company and one half of a common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional Common Share of the Company at an exercise price of C$0.40 per Common Share until December 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 C$1,750.00 and issued 7,000 broker warrants (each a “Broker Warrant”) to certain finders. Each Broker Warrant is exercisable to acquire one Common Share at a price of C$0.40 per Common Share until December 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.