Business
Carpathian Gold Inc. Closes $10 Million Private Placement and Announces Board and Management Additions
TORONTO, ONTARIO--(Marketwired - May 19, 2016) - Carpathian Gold Inc. (CSE:CPN) (the "Corporation" or "Carpathian") wishes to announce that it has closed the pr
About this update from Euro Sun Mining Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 19, 2016) - Carpathian Gold Inc. (CSE:CPN) (the \"Corporation\" or \"Carpathian\") wishes to announce that it has closed the previously announced financing whereby Forbes & Manhattan Inc. (\"Forbes & Manhattan\"), Sulliden Mining Capital Inc. and Black Iron Inc. have subscribed to a private placement (the \"Private Placement\") of units (the \"Units\") at a subscription price of CAD$0.07 per Unit for aggregate gross proceeds of ten million dollars (CAD$10,000,000). Each Unit consists of one (1) common share of the Corporation (\"Common Share\") and one-half (0.5) of a common share purchase warrant (\"Warrant\"). Guy Charette, interim CEO stated: \"We are pleased with the quick closing of our previously announced financing with Forbes and Manhattan and look forward to our renewed focus on our Rovina Project in Romania\". Stan Bharti, Chairman of Forbes and Manhattan stated: \"Forbes and its team are excited to get involved with an asset such as Rovina. Much like our previous successes at Sulliden Gold, Avion Gold, Belo Sun Mining and Central Sun Mining, we view Rovina as a tremendous opportunity to bring our technical, social, and capital market expertise to unlock the value in Rovina in the coming months.\" In conjunction with the closing of the financing Mr. John Hick and Mr. Julio Carvalho have stepped down from the board of directors. The Board would like to thank them for their hard work over the last several years during a difficult time for Carpathian. The board would also like to welcome Mr. Stan Bharti, Mr. Peter Tagliamonte and Mr. Matt Simpson to the board of Carpathian. Additionally the Board of Carpathian would like to announce the appointment of Mr Scott Moore as the new interim CEO of Carpathian. Mr. Moore is a seasoned capital markets executive and current COO of Forbes and Manhattan Inc. Mr. Moore has been involved in numerous turnaround situations over the last decade, specifically in the gold space with Avion gold in Mali and Sulliden Gold in Peru. The board would also like to extend its thanks to Mr. Guy Charette for his guidance through the divestiture of MRDM and the debt resolution with Macquarie. We look forward to Guy's continued input as a member of the board of directors of Carpathian. G. Scott Moore, Incoming CEO stated: \"We have been looking to get involve...