Euro Sun Upsizes Previously Announced Private Placement Financing to $3.75 Million
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TORONTO, Nov. 19, 2019 (GLOBE NEWSWIRE) — Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that further to the press release issued by the Company this morning with respect to a $2,000,000 non-brokered private placement of units of the Company (the “Initial Offering”), it intends to upsize the Initial Offering to $3,750,000 to accommodate investor demand (the “Offering”). The Offering will be a non-brokered private placement financing of up to 15,000,000 units of the Company (each a “Unit” and collectively, the “Units”) at a price of C$0.25 per Unit for gross proceeds of up to C$3,750,000.00. Each Unit will consist of one common share of the Company and one half of a common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of C$0.40 for a period of 24 months from issuance.Closing of the Offering is expected to occur on or about December 3, 2019. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of Toronto Stock Exchange approval.Euro Sun intends to use the proceeds of the Offering for the advancement of its Rovina Valley Project and for general corporate 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.Further information:For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at firstname.lastname@example.org or +1 416.309.4299.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 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.