Sun Peak Metals closes first tranche of private placement at $9.7M

Sun Peak Metals Corp. (TSXV: PEAK)(OTCQB: SUNPF) closed the first tranche of its non-brokered private placement on October 5, 2026, raising gross proceeds of $9,709,358.

The company issued 24,273,396 units at $0.40 per unit. 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 for two years from closing.

The warrants include an accelerated expiry provision: if the volume-weighted average price of Sun Peak'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 issues notice of acceleration.

In connection with the first tranche closing, Sun Peak paid $103,440 in cash finder's fees, issued 708,203 non-transferable finder's warrants exercisable at $0.55 per share for two years, and issued 449,603 finder's units under the same terms as subscriber units.

The company also announced an increase to the total offering size, citing additional investor demand. The offering was raised to a maximum of $12,000,000, up from $10,000,000, now comprising up to 30,000,000 units at $0.40 per unit.

Net proceeds are intended for exploration on the company's projects in Saudi Arabia and Ethiopia, offering costs, and general working capital. Securities issued are subject to a four-month and one-day hold period under applicable securities laws.

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