Business
Euro Sun Mining Announces Closing of C$22.3 Million Bought Deal Financing
TORONTO, June 05, 2020 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has completed its previo
About this update from Euro Sun Mining Inc.
[{"type":"text","content":" TORONTO, June 05, 2020 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has completed its previously announced bought deal prospectus offering of 57,235,384 units of the Company (the “Units”) at a price of C$0.39 per Unit for aggregate gross proceeds of C$22,321,799.76, which includes a partial exercise of the underwriters’ over-allotment option for 5,953,332 Units (the “Offering”). Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Share”) and one half of one Common Share purchase warrant entitling the holder to purchase one Common Share at C$0.55 at any time on or before June 5, 2023. The Offering was conducted by Sprott Capital Partners LP, as lead underwriter and sole bookrunner, and BMO Nesbitt Burns Inc. (together, the “Underwriters”). The Company paid to the Underwriters a cash commission of 7% of the gross proceeds raised under the Offering and issued warrants of the Company to the Underwriters, exercisable at any time on or before June 5, 2022, to acquire that number of Common Shares which is equal to 7% of the number of Units sold under the Offering at an exercise price of $0.39. The Company intends to use the net proceeds of the Offering for the exploration and development of the Company’s projects, including permitting and the feasibility study, and for working capital purposes. 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 [email protected] Caution regarding forward-looking information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Offering and the use of proceeds of the Offering. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially differen...