Sun Peak Metals closes $11.4M private placement

Sun Peak Metals Corp. (TSXV: PEAK)(OTCQB: SUNPF) closed the second and final tranche of its non-brokered private placement on October 16, 2026, raising gross proceeds of $1,689,404 in the final tranche.

With the closing, the company has issued a total of 28,496,907 units at $0.40 per unit, bringing total aggregate gross proceeds from the offering to $11,398,762.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at $0.55 per share for two years from the closing date of the applicable tranche.

The warrants include an accelerated expiry provision: if the volume-weighted average price of the company's common shares on the TSX Venture Exchange equals or exceeds $1.10 for 10 consecutive trading days, the warrants will expire 30 days after the company provides notice of acceleration or issues a news release announcing it.

Net proceeds are designated for exploration on the company's projects in Saudi Arabia and Ethiopia, offering costs, and general working capital.

In connection with the final tranche, the company paid cash finder's fees of $103,440 in total across the offering, issued 929,363 non-transferable finder's warrants, and issued 670,763 finder's units to an arm's length finder.

Insiders subscribed for 375,000 units totaling $150,000, constituting a related party transaction under TSXV Policy 5.9 and Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements, as insider participation did not exceed 25% of the company's market capitalization.

All securities issued are subject to a four-month and one-day hold period. The offering remains subject to final acceptance by the TSX Venture Exchange.

You May Also Be Interested In

• Data I/O plans $13.25M private placement of debentures and shares
• BioVie shares Phase 2 bezisterim data for Long COVID treatment
• Ewing Morris makes $5M all-cash offer for Decibel Cannabis shares