Business
Sun Summit Announces Closing of $11.5 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2025) - Sun Summit Minerals Corp.
...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"Sun Summit Announces Closing of $11.5 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 23, 2025) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (\"Sun Summit\" or the \"Company\") is pleased to announce that it has closed its non-brokered private placement (the \"Private Placement\") previously announced in the Company's press releases on December 9, 2025 and December 12, 2025, through the issuance of (i) 67,857,143 charity flow-through common shares in the capital of the Company (each, a \"Charity FT Share\") at a price of $0.14 per Charity FT Share; and (ii) 20,000,000 non-flow-through common shares in the capital of the Company (each, an \"NFT Shares\") at a price of $0.10 per NFT Share, for aggregate gross proceeds to the Company of $11,500,000.The Charity FT Shares qualify as a flow-through share within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\"). The Company intends to use the gross proceeds of the Private Placement for exploration of the Company's JD, Theory and Buck properties and any other Canadian properties that the Company may acquire, and for general working capital purposes, provided that the Company will use an amount equal to the gross proceeds received by the Company from the sale of the Charity FT Shares to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the Tax Act. In connection with the Private Placement, the Company paid aggregate cash finder's fees of $303,380 and granted an aggregate of 2,944,400 non-transferable finder warrants of the Company (each, a \"Finder Warrant\") to arm's length finders of the Company in connection with the Private Placement. Each Finder Warrant entitles the holder thereof to purchase one Common Share of the Company, at an exercise price of $0.14 per share until December 23, 2027.The Private Placement is subject to the final approval of the TSX Venture Exchange (the \"TSXV\"). The securities issued in the Private Placement are subject to a hold period expiring on April 24, 2025, in accordance with applicable securities laws.This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other...