Business
Carpathian Gold Inc Announces Cornerstone Investment From Forbes and Manhattan
TORONTO, ONTARIO--(Marketwired - May 9, 2016) - Carpathian Gold Inc. (CSE:CPN) (the "Corporation" or "Carpathian") is pleased to announce that it has agreed to
About this update from Euro Sun Mining Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 9, 2016) - Carpathian Gold Inc. (CSE:CPN) (the \"Corporation\" or \"Carpathian\") is pleased to announce that it has agreed to a private placement into the Corporation whereby Forbes & Manhattan Resources Inc. (\"Forbes\") and its associated entities will subscribe to a private placement (the \"Private Placement\") of units (the \"Units\") for a minimum amount of ten million dollars (CAD$10,000,000) to advance its Rovina Valley Gold Project in Romania. Rovina is the second largest gold deposit in Europe holding measured and indicated resources of 7.2 million ounces of gold and 1.4 billion lbs of copper. Rovina is only 17km from Eldorado Gold's rapidly developing Certej gold project. The Corporation and its board of directors believe that the Private Placement will provide it with both significant funding for its Rovina Valley Project and that Forbes' involvement with bring significant financial depth as well as the management expertise that will be required going forward. Guy Charette, Carpathian's Interim Chief Executive Officer, stated \"We are extremely excited about this opportunity and our future involvement with Forbes and our Rovina Valley project.\" Scott Moore, Chief Operating Officer of Forbes, added \"Forbes has a long track record of identifying and unlocking value in gold projects globally such as Sulliden Gold in Peru, Avion Gold in Mali, and in Brazil, Desert Sun Mining and more recently Belo Sun Mining. We are excited to be involved in a project such as Rovina and look forward to unlocking the value for all Carpathian shareholders. Forbes's in house engineering, geological and metallurgical expertise has decades of experience in multiple countries in Eastern Europe and the Former Soviet Union including Ukraine, Russia and Romania with a deep understanding of the social and political challenges in permitting a mine in these jurisdictions.\" Each Unit will consist of one (1) common share of the Corporation (\"Common Share\") and one-half (0.5) of a common share purchase warrant (\"Warrant\") at a subscription price of CAD$0.07 per Unit. This subscription price represents approximately a 250% premium to the Common Shares' 20 day volume-weighted average price as of the close of trading on Friday, May 6, 2016. Each whole Warrant will entitle the holder to acquire one (1) Common...