Business
Sun Summit Minerals Announces Closing of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2024) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (the "Company" or "Sun Summit") is pleased
About this update from Sun Summit Minerals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 24, 2024) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (the \"Company\" or \"Sun Summit\") 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 June 27, 2024, July 12, 2024 and July 17, 2024, through the issuance of (i) 3,674,571 flow-through units of the Company (each, a \"FT Unit\") at a price of $0.21 per FT Unit, and (ii) 2,541,666 non-flow-through units of the Company (each, a \"NFT Unit\") at a price of $0.18 per NFT Unit, for aggregate gross proceeds to the Company of $1,229,160. Sharyn Alexander, Sun Summit's President, stated, \"We are very pleased with the level of interest in Sun Summit and the oversubscribed financing, which has strengthened our balance sheet and positions us for a very active exploration season. These additional funds, which can be seen as a continuation of our previous placement, will allow us to expand our exploration activities this season and be well-positioned to test the full potential of this promising epithermal gold-silver system on the JD Project in the re-emerging Toodoggone copper-gold district. We appreciate the continued support of new and current shareholders, which reflects the high calibre of our projects and technical team.\" Each FT Unit consisted of one common share of the Company issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each NFT Unit consisted of one non-flow-through common share of the Company and one-half of one Warrant. Each Warrant entitles the holder to acquire one non-flow-through common share of the Company at an exercise price of $0.25 per share until July 24, 2026. The Company intends to use the proceeds of the Private Placement for exploration and development of the Company's mineral property interests in British Columbia, Canada, and for general working capital purposes. In connection with the Private Placement, the Company paid aggregate cash finder's fees of $57,124 and granted an aggregate of 283,248 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 Warran...