Euro Sun Closes Previously Announced Private Placement Financing
Euro Sun Closes Previously Announced Private Placement Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Jan. 30, 2020 -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that
it has closed its previously announced non-brokered private placement financing of common shares (the “ Offering”) 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.
Corporate Update
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 29 th 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 in
Europe.
Further information:
For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at
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, 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.