Sun Summit Increases Private Placement to $6,000,000
Sun Summit Increases Private Placement to
$6,000,000
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2022) - Sun Summit Minerals Corp.
(TSXV: SMN) (OTCQB: SMREF) is pleased to announce that, due to strong investor demand, it has
increased its non-brokered private placement to gross proceeds of $6,000,000 (the
"Offering")
consisting of: (i) charity "flow-through" units at a price of $0.63 each ("
CFT Units
"), (ii) "flow-through"
units at a price of $0.52 each (
"FT Units"
), and (iii) non-flow-through units at a price of $0.45 each
(
"NFT Units"
). Eventus Capital Corp. has been appointed as a finder in connection with the Offering.
Each FT Unit and CFT Unit will consist of one common share of the Company to be issued as a "flow-
through share" within the meaning of the
Income Tax Act
(Canada) (each, a "
FT Share
") and one-half of
one common share purchase warrant (each whole warrant, a "
Warrant
"). Each NFT Unit will consist of
one (non-flow-through) common share of the Company (an
"NFT Share"
), and one half of a Warrant.
Each Warrant will entitle the purchase of one (non-flow-through) common share of the Company (a
"
Warrant Share
") for two years at a price of $0.70.
The Company will pay finder's fees consisting of a cash commission of 6% of the gross proceeds raised
by Eventus under the Offering and finder warrants (
"Finder Warrants"
) to purchase that number of
Warrant Shares equal to 6% of the number of Units sold by Eventus pursuant to the Offering. Each
Finder Warrant will entitle the purchase of one Warrant Share at a price of $0.70 for two years.
The Company intends to use the proceeds raised from the Offering for the exploration of the Company's
Buck Property and other Canadian properties it may acquire. The gross proceeds from the issuance of
the FT Shares will be used for "Canadian Exploration Expenses" (within the meaning of the
Income Tax
Act
(Canada)), which will be renounced with an effective date no later than December 31, 2022, to the
purchasers of the FT Units and CFT Units in an aggregate amount not less than the gross proceeds
raised from the issue of the FT Shares.
The Offering is scheduled to close on or around March 16, 2022, and is subject to certain conditions
including, but not limited to, the receipt of approval of the TSX Venture Exchange. The FT Shares, NFT
Shares, Warrants and Warrant Shares will have a hold period of four months from the closing date.
The securities described herein have not been, and will not be, registered under the United States
Securities Act of 1933, or any state securities laws, and accordingly, may not be offered or sold within
the United States except in compliance with the registration requirements of the U.S. Securities Act
and applicable state securities requirements or pursuant to exemptions therefrom. This press release
does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Sun Summit
Sun Summit Minerals is an exploration company focused on expanding its epithermal gold discovery at
its flagship Buck Project located in north-central British Columbia.
The Company is exploring multiple high priority targets through methodical, well-funded exploration
campaigns with year-round drilling access. The Project has high-grade and bulk-tonnage gold, silver,
and zinc potential and is located in an established mining region that includes many former operating
mines and current exploration projects.
Sun Summit is committed to environmental and social responsibility with a focus on responsible
development to generate positive outcomes for all stakeholders.
Further details are available at
www.sunsummitminerals.com
.
For further information, contact:
Sharyn Alexander
President
Nancy Curry
Corporate Communications
Tel. 778-588-9606
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. Factors that could cause
such differences, without limiting the generality of the following, include: risks inherent in exploration
activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations;
the impact of exploration competition; the ability to raise funds through private or public equity financings;
imprecision in resource and reserve estimates; environmental and safety risks including increased
regulatory burdens; unexpected geological or hydrological conditions; changes in government
regulations and policies, including trade laws and policies; failure to obtain necessary permits and
approvals from government authorities; weather and other natural phenomena; and other exploration,
development, operating, financial market and regulatory risks. Except as required by applicable
securities laws and regulation, Sun Summit Minerals Corp. (SMN) disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a result of new information, future events
or otherwise.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/114745