Business
Sun Summit Closes $6,000,000 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - Sun Summit Minerals Corp. (...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"Sun Summit Closes $6,000,000 Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to announce that it has closed its non-brokered private placement for gross proceeds of $6,000,400 (the \"Offering\") by the issuance of:(i) 1,979,300 charity \"flow-through\" units at a price of $0.63 each (\"CFT Units\") for $1,246,959,(ii) 7,830,079 \"flow-through\" units at a price of $0.52 each (\"FT Units\") for $4,071,641, and(iii) 1,515,111 non-flow-through units at a price of $0.45 each (\"NFT Units\") for $681,800.Sharyn Alexander, Sun Summit's President stated, \"Closing this financing has placed Sun Summit in a strong position to continue to explore the Buck Main target and other potential discoveries within the property package. We are thankful for the ongoing support of our existing shareholders and are pleased to increase the support of institutional shareholders who were contributors in the financing. With a 4,500 metre drill program currently underway, and an aggressive exploration campaign to follow, the Company is positioned for an exciting year.\"Each FT Unit and CFT Unit consisted of one common share of the Company (each, a \"FT Share\") issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each NFT Unit consisted of one (non-flow-through) common share of the Company (an \"NFT Share\"), and one half of a Warrant. Each whole warrant (a \"Warrant\") entitles the purchase of one (non-flow-through) common share of the Company (a \"Warrant Share\") until March 25, 2024 at a price of $0.70. Eventus Capital Corp. acted as a finder in respect of the Offering. The Company paid finder's fees consisting of a cash commission of 6% of the gross proceeds raised under the Offering from investors introduced by finders and issued finder warrants (\"Finder Warrants\") to purchase that number of Warrant Shares equal to 6% of the number of Units sold to such investors. Each Finder Warrant entitles the purchase of one Warrant Share at a price of $0.70 until March 25, 2024. Eventus received finder's fees of $255,423 and 469,750 Finder Warrants, Haywood Securities Inc. received finder's fees of $50,568 and 108,784 Finder Warrants, Canaccord Genuity Corp. received finder's fees o...