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Euro Sun Mining Announces Closing of Private Placement With Orion Mine Finance
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES TORONTO, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or th
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, Nov. 08, 2018 (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 4,333,333 common shares of the Company at a price of C$0.60 per common share for gross proceeds of US$2.0 million (equivalent to C$2.6 million at the exchange rate of US$1.00 to C$1.30) with Orion Mine Finance Fund II LP (the “Offering”). The gross proceeds of the Offering will be used for general corporate purposes and for the advancement of its Rovina Valley Project. The common shares will be subject to a four month hold period that expires on March 9, 2019. Closing of the Offering is subject to receipt of regulatory approval, including final Toronto Stock Exchange approval. No finder fees were paid in connection with the Offering. Pursuant to the Offering, Orion shall have the right to nominate one individual to the Euro Sun board of directors so long as Orion holds more than 5% of the issued and outstanding common shares of the Company. In connection with this right, the Company is pleased to announce that Mr. Michael Barton, a partner with Orion Resource Partners (“Orion”) will be joining the Board of Directors. Mr. Barton is based in London. Mr. Barton is a Portfolio Manager at Orion, a mining-focused investment business with approximately US$4.7 billion under management (as at June 30, 2018), which provides flexible capital investment solutions to mining companies in the base and precious metals sector. Orion has demonstrated capability in debt, equity, and production-linked investments, such as streams, offtakes and royalties and is recognised as one of the leaders in mining finance. Prior to Orion, Mr. Barton was Chief Executive Officer of Pala Investments, a mining‐focused investment company based in Zug, Switzerland, and prior to that, was Vice President at Hatch Corporate Finance (now HCF International Advisers), a mining and metals‐focused corporate finance boutique. Mr. Barton holds a First Class Honours degree in Geography from the University of Leicester and is a qualified chartered accountant (ICAEW). This press release is not an offering of securities for sale in the United States. The common shares of the...