Business
Sun Summit Closes Oversubscribed $2.89 Million Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 11, 2023) - Sun Summit Minerals Corp. (TSXV:...
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":"Sun Summit Closes Oversubscribed $2.89 Million Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 11, 2023) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) is pleased to announce that it has closed its oversubscribed private placement for gross proceeds of $2,889,419.66 consisting of: (i) 9,123,015 non-flow-through units at a price of $0.11 each (\"NFT Units\") for $1,003,531.70; and (ii) 15,715,733 flow-through units at a price of $0.12 each (\"FT Units\") for $1,885,887.96. \"The successful closing of our oversubscribed financing has strengthened our balance sheet and positions us for a very active exploration season,\" commented Sharyn Alexander, Sun Summit's President. \"Exploration plans at the Buck Project are being finalized but will include fieldwork aimed at advancing exploration targets to the drill-ready stage, as well as step-out drilling at Buck Main, following up on the strong expansion potential identified through recent drilling. We thank current shareholders for their continued support as well as welcome new investors through this financing. The Company is poised for an exciting year.\"Each NFT Unit consisted of one (non-flow-through) common share of the Company (an \"NFT Share\"), and one non-transferable common share purchase warrant (a \"Warrant\"). Each FT Unit consisted of one common share of the Company issued as a \"flow-through share\" under Canada's Income Tax Act (a \"FT Share\") and one Warrant. Each Warrant entitles the purchase of one (non-flow-through) common share of the Company (a \"Warrant Share\") for two years at a price of $0.165.The Company paid finder's fees consisting of a commission of 7% of the gross proceeds raised by eligible finders (commissions of $159,986) and finder warrants (\"Finder Warrants\") to purchase that number of Warrant Shares equal to 7% of the number of Units sold by the finders for two years at a price of $0.165 (1,159,857 Finder Warrants) as follows: Haywood Securities Inc. received $28,693 and 251,183 Finder Warrants, Echelon Wealth Partners Inc. received $37,089 and 106,050 Finder Warrants, Eventus Capital Corp. received $35,705 and 303,380 Finder Warrants, RedPlug Inc. received $29,400 and 245,000 Finder Warrants, Canaccord Genuity Corp. received $11,970 and 105,000 Finder Warrants, Red Cloud Securities Inc. received $7,280.67 and 62,794 Fi...