Business
Sun Summit Announces Non-Brokered Private Placement of up to $3.5 Million
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Sun Summit Minerals Corp. (TSXV:...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"Sun Summit Announces Non-Brokered Private Placement of up to $3.5 MillionVancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (\"Sun Summit\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Private Placement\") of a combination of: (i) charity flow-through units of the Company (each, a \"Charity FT Unit\") at a price of $0.105 per Charity FT Unit; (ii) flow-through units of the Company (each, a \"FT Unit\") at a price of $0.075 per FT Unit; and (iii) non-flow-through units (each, an \"NFT Unit\") at a price of $0.07 per NFT Unit, for aggregate gross proceeds of up to $3.5 million. Each Charity FT Unit will consist of one charity-flow-through common share in the capital of the Company (each, a \"Charity FT Share\") and one common share purchase warrant (each, a \"Charity FT Warrant\") that will each qualify as a flow-through share within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\"). Each FT Unit will consist of one common share in the capital of the Company (each, an \"FT Share\") and one-half of one common share purchase warrant (each whole warrant, an \"FT Warrant\") that will each qualify as a flow-through share within the meaning of the Tax Act. Each NFT Unit will consist of one non-flow-through common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant (each, an \"NFT Warrant\"). Each Charity FT Warrant, FT Warrant and each NFT Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.11 for a period of 2 years following the closing of the Private Placement. The Company intends to use all of 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, provided that the Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the Tax Act. The closing of the Private Placement is subject to certain closing conditions, including the approval of the TSX Venture Exchange (the \"TSXV\"). The Company may pay finder's fees in ca...