Business
Sun Summit Announces Upsized Non-Brokered Private Placement of up to $10 Million
Vancouver, British Columbia--(Newsfile Corp. - April 28, 2025) - Sun Summit Minerals Corp. (TSXV:...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"Sun Summit Announces Upsized Non-Brokered Private Placement of up to $10 MillionVancouver, British Columbia--(Newsfile Corp. - April 28, 2025) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (\"Sun Summit\" or the \"Company\") is pleased to announce that, due to significant investor demand, it has increased the maximum gross proceeds of its previously announced non-brokered private placement (the \"Private Placement\") from $3.5 million to $10 million plus an over-allotment option whereby the Company may increase the size of the Private Placement by 15% to $11.5 million prior to closing. The Private Placement includes 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.\"We are very pleased with the strong investor interest in Sun Summit's private placement and enthusiasm for the JD Project,\" said Niel Marotta Sun Summit Minerals CEO and Director. \"The incremental capital provided from the upsizing of this equity raise will fund an aggressive drill program at JD in 2025, and additionally, will allow the company to pursue infrastructure improvements which will potentially extend the drill season and lower our per-meter exploration costs. Our exploration program for 2025 will be focused on discovery and expansion at the JD project, including a minimum of 5,000 meters of drilling at high potential targets identified in both the Creek and Finn zones, as well as select targets along the 4.5 km Creek-to-Finn corridor.\"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\"). Each Charity FT Unit will 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\"). Each FT Unit will qualify as a flow-through share within the meaning of the Tax Act. Each NFT Unit will cons...