Business
Euro Sun Mining Announces Closing of Private Placement
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES TORONTO, March 26, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or t
About this update from Euro Sun Mining Inc.
[{"type":"text","content":" NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES TORONTO, March 26, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement financing by issuing 10,000,000 units of the Company (each a “Unit” and collectively, the “Units”) at a price of C$0.30 per Unit for gross proceeds of C$3,000,000.00 (the “Offering”). 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 entitles the holder to acquire one additional common share of the Company at an exercise price of C$0.50 for a period of 24 months from issuance. If at any time after four months and one day from the closing of the Offering, the common shares of the Company trade at C$0.75 per common share or higher (on a volume weighted adjusted basis) for a period of 20 consecutive days, the Company will have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise this acceleration right. The gross proceeds of the Offering will be used for general corporate purposes and for the advancement of its Rovina Valley Project. The securities underlying the Units will be subject to a four month hold period that expires on July 27, 2019. Closing of the Offering is subject to receipt of regulatory approval, including final Toronto Stock Exchange approval. The Company paid cash finder fees up to 7% to certain finders. This press release is not an offering of securities for sale in the United States. The Units, Warrants and common shares of the Company have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act. Euro Sun also announces that Mr. Justin Reid has resigned as a director of the Company to pursue other opportunities. Mr. Reid has been a director of the Company since August 4, 2016 and the Company would like to thank Mr. Reid for his valuable contributions. About Euro Sun Mining Inc. Euro Sun is a Toronto Stock Exchange listed mining company focused on the expl...