Euro Sun Mining Announces Closing of C$22.3 Million Bought Deal Financing
June 05 2020 - 8:21AM
Euro Sun Mining Inc. (
TSX: ESM)
(“
Euro Sun” or the “
Company”) is
pleased to announce that it has completed its previously announced
bought deal prospectus offering of 57,235,384 units of the Company
(the “
Units”) at a price of C$0.39 per Unit for
aggregate gross proceeds of C$22,321,799.76, which includes a
partial exercise of the underwriters’ over-allotment option for
5,953,332 Units (the “
Offering”). Each Unit is
comprised of one (1) common share in the capital of the Company
(each, a “
Common Share”) and one half of one
Common Share purchase warrant entitling the holder to purchase one
Common Share at C$0.55 at any time on or before June 5, 2023.
The Offering was conducted by Sprott Capital
Partners LP, as lead underwriter and sole bookrunner, and BMO
Nesbitt Burns Inc. (together, the
“Underwriters”). The Company paid to the
Underwriters a cash commission of 7% of the gross proceeds raised
under the Offering and issued warrants of the Company to the
Underwriters, exercisable at any time on or before June 5, 2022, to
acquire that number of Common Shares which is equal to 7% of the
number of Units sold under the Offering at an exercise price of
$0.39.
The Company intends to use the net proceeds of
the Offering for the exploration and development of the Company’s
projects, including permitting and the feasibility study, and for
working capital purposes.
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
in Europe.
For further information about Euro Sun Mining,
or the contents of this press release, please contact Investor
Relations at info@eurosunmining.com
Caution regarding forward-looking
information:
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 and the use of
proceeds of the Offering. 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 nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful, including any of the
securities in the United States of America. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the “1933 Act”) or any state securities
laws and may not be offered or sold within the United States or to,
or for account or benefit of, U.S. Persons (as defined in
Regulation S under the 1933 Act) unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration requirements is available.
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