Le Lézard
Classified in: Mining industry, Business
Subject: STOCK/OTHER MARKET NEWS

Euro Sun Closes Non-Brokered Private Placement



TORONTO, ONTARIO--(Marketwired - Oct. 6, 2017) -

NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES

Euro Sun Mining Inc. (TSX:ESM) ("Euro Sun" or the "Company") is pleased to announce that it has closed the previously announced non-brokered private placement financing of 6,144,291 common shares at a price of $1.40 per share for gross proceeds of $8.6 million (the "Offering").

Euro Sun intends to use the proceeds from this private placement for the advancement of its wholly-owned Rovina Valley Project, and for general working capital purposes.

Closing of the Company's previously announced concurrent brokered private placement for gross proceeds of up to $2 million is expected to occur on or about October 10, 2017.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof.

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. The property hosts 10.84 million gold equivalent ounces (7.19 million ounces of gold grading 0.55 g/t and 1,420 million pounds of copper grading 0.16%*), making it the second largest gold deposit in Europe. 

*Notes Related to the Mineral Resource Estimate: Gold equivalent ounces ("AuEq") are determined by using a gold price of US$1,370/oz and a copper price of US$3.52/lb. These prices are the three-year trailing average as of July 10, 2012. Metallurgical recoveries are not taken into account for AuEq. Base case cut-off used in the table are 0.35 g/t AuEq for the Colnic deposit and 0.25% CuEq for the Rovina deposit, both of which are amenable to open-pit mining and 0.65 g/t AuEq for the Ciresata deposit which is amenable to underground bulk mining. For the Rovina and Colnic porphyries, the resource is an in-pit resource derived from a Whittle Shell Model using gross metal values of $1,350/oz Au price and $3.00/lb Cu price, net of payable amounts after smelter charges and royalty for net values of US$1,313/oz Au and US$2.57/lb Cu for Rovina and US$2.27/Ib Cu for Colnic). Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade, and contained metal content.

Qualified Person

The mineral resources stated in this press release have been reviewed and approved by Mr. Pierre Desautels, P.Geo. Principal Resource Geologist of AGP, who served as the independent Qualified Person as defined by National Instrument 43-101, responsible for preparing the Mineral Resource Estimate and Technical Report dated August 30, 2012.

Caution regarding forward-looking information:

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the private placement. 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


These press releases may also interest you

20 oct 2017
NEW ORLEANS, Oct. 20, 2017 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into United States Steel...

20 oct 2017
TSX.V: GGIOTC: GGIFFFrankfurt: RQM VANCOUVER, Oct. 20, 2017 /CNW/ - Garibaldi Resources (TSX.V: GGI) (the "Company" or "Garibaldi") is pleased to confirm closing of the first tranche of the Company's recently announced $10 million private...

20 oct 2017
CANTON, Ohio, Oct. 20, 2017 /PRNewswire/ -- TimkenSteel employees who are members of the United Steelworkers (USW) Local 1123 have failed to ratify a tentative agreement between their bargaining representatives and the company....

20 oct 2017
VAL-D'OR, QC, Oct. 20, 2017 /CNW/ - Metanor Resources Inc. ("Metanor") (TSX - V: MTO) is pleased to report on its financial results for the quarter (Q4) and year ended June 30th, 2017.  This press release should be read in conjunction with Metanor's...

20 oct 2017
MONTREAL, QUEBEC--(Marketwired - Oct. 20, 2017) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION TO UNITED STATES Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) (the "Corporation" or "Osisko") is pleased...

20 oct 2017
Teranga Gold Files Technical Report for Banfora Gold Project First reserve update expected in H1 2018 following completion of extensive infill drill program TORONTO, Oct. 20, 2017 (GLOBE NEWSWIRE) -- Teranga Gold Corporation ("Teranga" or the...




News published on 6 october 2017 at 17:33 and distributed by: