Euro Sun Mining Announces C$5 Million Private Placement Offering NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has entered into an agreement whereby Sprott Capital Partners LP has agreed to act as lead agent (the “Lead Agent”) on a best efforts agency basis in connection with the proposed marketed private placement offering of up to C$5,010,000 (the “Offering”). The Offering will consist of 16,700,000 units of the Company at a price of C$0.30 per Unit (the “Issue Price”). Each Unit will consist of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.38 for a period of 18 months from the date of issuance thereof.
The proceeds of the Offering will be used by the Company for exploration, and general corporate and working capital purposes.
In connection with the Offering, the Company will pay to the Lead Agent a cash commission equal to 6.0% of the gross proceeds from the sale of the Units. In addition, the Company shall issue to the Lead Agent such number of compensation warrants (the “Broker Warrants”) as is equal to 6.0% of the number of Units sold pursuant to the Offering. Each Broker Warrant will be exercisable for one Common Share at an exercise price equal to the Issue Price for a period of 24 months following the closing of the Offering.
The Offering is scheduled to close on or about December 21, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals of the Toronto Stock Exchange (“TSX”).
The securities to be issued under this Offering will be offered by way of private placement exemptions in all the provinces of Canada. The Units may also be sold in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “1993 Act”), and in such other jurisdictions as may be permitted such that such sales are completed in manner so as to not require filing of a prospectus, registration statement, offering memorandum or similar document nor give rise to any disclosure obligations or submission to the jurisdiction of such jurisdictions on the part of the Company.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the 1993 Act or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About Euro Sun Mining Inc.
Euro Sun Mining is a Toronto Stock Exchange listed company focused on unlocking value through the responsible development of the Rovina Valley Project, one of Europe’s largest gold copper projects. Euro Sun Mining has clear Environmental, Social and Governance commitments that are aligned with internationally recognized standards and goals.
For further information on Euro Sun, please visit the Euro Sun website at www.eurosunmining.com or contact: