Sun Summit Announces Closing of $4 Million Non-Brokered Private Placement
Sun Summit Announces Closing of $4 Million
Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2026) - Sun Summit Minerals Corp. (TSXV:
SMN) (OTCQB: SMREF) ("
Sun Summit
" or the "
Company
") is pleased to announce that it has closed
its non-brokered private placement (the "
Private Placement
") previously announced in the Company's
news release on August 6, 2026, through the issuance of: (i) 20,689,656 charity flow-through common
shares in the capital of the Company (each, a "
Charity FT Share
") at a price of $0.145 per Charity FT
Share; and (ii) 10,000,000 non-flow-through common shares in the capital of the Company (each, an
"
NFT Share
") at a price of $0.10 per NFT Share, for aggregate gross proceeds to the Company of
$4,000,000.
The Charity FT Shares qualify as a flow-through share within the meaning of subsection 66(15) of the
Income Tax Act (Canada) (the "
Tax Act
").
The Company intends to use all of the gross proceeds of the Private Placement for exploration of the
Company's JD, Theory and Buck properties and any other Canadian properties that the Company may
acquire, provided that the Company will use an amount equal to the gross proceeds received by the
Company from the sale of the Charity FT Shares to incur eligible "Canadian exploration expenses" that
will qualify as "flow-through mining expenditures" as such terms are defined in the Tax Act, and as "BC
flow-through mining expenditures" as set forth in subsection 4.721(1) of the Income Tax Act (British
Columbia).
In connection with the Private Placement, the Company paid aggregate finder's fees of $110,850
($50,700 of which through the issuance of 507,000 NFT Shares at a price of $0.10 per NFT Share), and
granted an aggregate of 1,108,500 non-transferable finder warrants of the Company (each, a "
Finder
Warrant
") to arm's length finders of the Company, comprised of: (i) 925,500 Finder Warrants in respect
of the Charity FT Shares, each exercisable to purchase one common share in the capital of the
Company (each, a "
Common Share
") at a price of $0.145 per Common Share; and (ii) 183,000 Finder
Warrants in respect of the NFT Shares, each exercisable to purchase one Common Share at a price of
$0.10 per Common Share. Each Finder Warrant is exercisable until August 26, 2028.
The Private Placement is subject to the final approval of the TSX Venture Exchange (the "
TSXV
"). The
securities issued in the Private Placement are subject to a hold period expiring on December 27, 2026,
in accordance with applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in the United States or in any other jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements thereunder.
Option Issuance
The Company also announces that it has, subject to approval of the TSXV, granted an aggregate of
11,250,000 stock options of the Company (the "
Options
") to certain directors, officers and consultants
of the Company, in accordance with the rules of the TSXV and the Company's stock option plan. Each
Option entitles the holder thereof to acquire one Common Share at an exercise price of $0.15 per
Common Share for a period of five years from the date of issuance.
About Sun Summit
Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on the
discovery and advancement of district scale gold and copper assets in British Columbia. The
Company's diverse portfolio includes the JD and Theory Projects in the Toodoggone region of north-
central B.C., and the Buck Project in central B.C.
Further details are available at
www.sunsummitminerals.com
.
On behalf of the board of directors
Niel Marotta
Chief Executive Officer & Director
For further information, contact
:
Matthew Benedetto, Simone Capital
Tel. 416-817-1226
Forward-Looking Information
Statements contained in this news release that are not historical facts may be forward-looking
statements, which involve risks, uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements. In addition, the forward-
looking statements require management to make assumptions and are subject to inherent risks and
uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate,
that the management's assumptions may not be correct and that actual results may differ materially from
such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-
looking statements. Generally forward-looking statements can be identified by the use of terminology
such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential"
and similar expressions. Forward-looking statements contained in this press release may include, but
are not limited to, use of proceeds of the Private Placement; the size and scope of the drill program at
the JD property; the Company's exploration plans and forecasts; obtaining regulatory approval for the
Private Placement and the grant of Options. These forward-looking statements are based on a number
of assumptions which may prove to be incorrect which, without limiting the generality of the following,
include: the state of the equity financing markets in Canada and other jurisdictions; the receipt of
regulatory approval; the Company's ability to complete the drill program as currently contemplated; risks
inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to
capital market fluctuations; and fluctuations in metal prices. The forward-looking statements contained in
this press release are made as of the date hereof or the dates specifically referenced in this press
release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit
disclaims any intention or obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise, except as required by applicable securities laws. All
forward-looking statements contained in this press release are expressly qualified by this cautionary
statement.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
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