Sun Summit Announces Non-Brokered Private Placement of Flow-Through Units and Non- Flow-Through Units
Sun Summit Announces Non-Brokered Private
Placement of Flow-Through Units and Non-
Flow-Through Units
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2024) - Sun Summit Minerals Corp. (TSXV:
SMN) (OTCQB: SMREF) (the "
Company
" or "
Sun Summit
") is pleased to announce that it intends to
complete a non-brokered private placement (the "
Private Placement
") consisting in the issuance of: (i)
up to 6,666,666 flow-through units of the Company (each, a "
FT Unit
") at a price of $0.15 per FT Unit,
and (ii) up to 16,666,666 non-flow-through units of the Company (each, a "
NFT Unit
") at a price of $0.12
per NFT Unit, for aggregate gross proceeds to the Company of up to $3,000,000. Each FT Unit will
consist of one common share of the Company issued on a flow-through basis under the
Income Tax Act
(Canada) and one-half of one common share purchase warrant of the Company (each whole warrant, a
"
FT Warrant
"). Each FT Warrant will entitle the holder to acquire one non-flow-through common share of
the Company at an exercise price of $0.18 per share for a period for 12 months from the date of
issuance of the FT Warrant. Each NFT Unit will consist of one non-flow-through common share of the
Company and one-half of one common share purchase warrant of the Company (each whole warrant, a
"
NFT Warrant
"). Each NFT Warrant will entitle the holder to acquire one non-flow-through common
share of the Company at an exercise price of $0.15 per share for a period for 12 months from the date of
issuance of the NFT Warrant.
The Company intends to use the proceeds of the Private Placement for exploration and development of
the Company's mineral property interests in British Columbia, Canada, and for general working capital
purposes. The gross proceeds from the issuance of all flow-through shares will be used to incur
Canadian Exploration Expenses ("CEE"), and will qualify as "flow-through mining expenditures" under
the Income Tax Act (Canada), which will be renounced to the purchasers of flow-through shares with an
effective date no later than December 31, 2024 in an aggregate amount no less than the proceeds
raised from the issue of the flow-through shares.
The Private Placement is subject to the approval of the TSX Venture Exchange. The securities issued in
the Private Placement will be subject to a four-month hold period 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.
About Sun Summit
Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on
expansion and discovery of district scale gold and copper assets in British Columbia. The Company's
diverse portfolio includes the Buck Project in central B.C, and the JD Project in the Toodoggone region
of north-central B.C.
Sun Summit is committed to environmental and social responsibility, with a focus on accountable
development and building respectful and beneficial relationships with Indigenous and local communities.
Further details are available at
www.sunsummitminerals.com
.
On behalf of the board of directors
Brian Lock
Executive Chairman
For further information, contact:
Sharyn Alexander
President
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, the terms and completion of the Private Placement, use of proceeds and obtaining
regulatory approval for the Private Placement. 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; 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
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