Euro Sun Closes Previously Announced Private Placement Financing
Euro Sun Mining Inc.,
(TSX: ESM) (“Euro
” or the “Company
”) is pleased to
announce that it has closed its previously announced non-brokered
private placement financing of common shares (the
”) for total gross proceeds of
C$3,300,000. Pursuant to the closing of the Offering, the Company
issued 11,379,310 shares of the Company at a price of C$0.29 per
share for gross proceeds of C$3,300,000.
Euro Sun intends to use the proceeds of the
Offering for the advancement of its Rovina Valley Project and for
general corporate purposes.
The common shares issued under the Offering are
subject to a hold period that expires on May 30, 2020.
The securities referred to in this news release
have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any applicable securities laws of any state of the United States,
and may not be offered or sold within the United States or to, or
for the account or benefit of, U.S. persons (as such term is
defined in Regulation S under the U.S. Securities Act) or persons
in the United States unless registered under the U.S. Securities
Act and any other applicable securities laws of the United
States or an exemption from such registration requirements is
available. This news release does not constitute an offer to sell
or a solicitation of an offer to buy any of these securities within
any jurisdiction, including the United States.
The Company’s focus for 2020 continues to be on
the successful completion of our three major initiatives. At the
project level we are working on our Urbanization Certificate, which
is split into two parts; the first is our Environmental Impact
Assessment (EIA) and the second being our re-zoning plan.
As previously press released, we have retained
international environmental consultancy ERM, through their local
offices in Romania, to conduct the EIA process and public audience
as part of our Urbanization certificate for the project.
Additionally, we continue to advance the Urbanization certificate
for the plan of the project through the completion of the ongoing
survey and cadastral registration as we move the current project
footprint through the necessary re-zoning plan with the local
county level authorities.
During 2019 management spent considerable time
and effort to optimize the parameters of the project in preparation
for our feasibility study. We conducted numerous trade-off studies
focused on optimizing the project without increasing the initial
capital required for the project. As such, the feasibility study
will now focus on the inclusion of the Rovina open pit sequentially
to the Colnic open pit. We now expect to deliver a much larger
project than that of the preliminary economic assessment of 2019
with higher gold and copper production through a longer mine life.
Our staged approach to exploiting the project with the inclusion of
Colnic and Rovina will maximize the economics of the project while
still leaving tremendous upside with the Ciresata deposit to be
developed at a later stage.
The Company just returned from the Vancouver
Resource Investment Conference where we introduced our outstanding
project to many new investors. Euro Sun has also been invited
to present at the 29th BMO Global Metals and Mining Conference
being held in Hollywood, Florida from February 23rd-26th, one of
the pre-eminent global mining conferences by invitation only.
We would also announce that Stan Bharti has
resigned from the board of directors effective immediately.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed
mining company focused on the exploration and development of its
100%-owned Rovina Valley gold and copper project located in
west-central Romania, which hosts the second largest gold deposit
For further information about Euro Sun Mining,
or the contents of this press release, please contact Investor
Relations at email@example.com
Caution regarding forward-looking
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the Offering, use of proceeds of
the Offering, project optimization, the anticipated results of the
feasibility study, project economics and advancement of the
Urbanization certificate. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including
risks inherent in the mining industry and risks described in the
public disclosure of the Company which is available under the
profile of the Company on SEDAR at www.sedar.com and on
the Company's website at www.eurosunmining.com. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
The TSX does not accept responsibility for the
adequacy or accuracy of this news release.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will
not be registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”), or any state securities
laws and may not be offered or sold within the United States or to,
or for the account or benefit of U.S. persons (as defined in
Regulation S under the 1933 Act) absent such registration or an
applicable exemption from such registration requirements.