Euro Sun Mining announces the completion of its brokered private placement offering announced on June 24, 2019, whereby the company issued a total of 8,610,000 units of the company at a price of CAD 0.36 per Unit for gross proceeds of CAD 3,099,600. Each Unit consisted of one common share of Euro Sun and one common share purchase warrant of Euro Sun. Each warrant is exercisable to acquire one common share at a price of CAD 0.47 per share until July 4, 2021.
The offering was led by PI Financial Corp. The company paid a 7% cash commission of CAD 216,972 and issued 602,700 broker warrants to the agent. Each broker warrant is exercisable to acquire one common share at a price of CAD 0.47 per common share until July 4, 2021.
The company intends to use the proceeds from the offering for the advancement of its Rovina Valley Project and for general corporate purposes.
The common shares and warrants issued under the offering and the common shares issuable upon exercise of the warrants and the broker warrants are subject to a hold period that expires on November 5, 2019.
About Rovina Valley Project
The Rovina Valley Project covers 27.68 km² in west-central Romania, approximately 300 km northwest of the capital city of Bucharest. This historic mining district known as the ‘Golden Quadrilateral’ is one of the largest gold-producing areas in Europe where it is estimated that more than 55 Moz of gold have been produced since the Roman period (ca 2000 years ago).
The Rovina Valley property is accessible year-round via a paved two-lane highway from the historic gold mining town of Brad followed by secondary paved roads which pass through the town of Criscior and onward to the village of Bucuresci.
About Euro Sun Mining
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.