Sun Summit closes $11.5 million private placement

Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) closed a non-brokered private placement raising $11.5 million in gross proceeds, according to a company statement.

The Vancouver-based mineral exploration company issued 67,857,143 charity flow-through common shares at $0.14 per share and 20,000,000 non-flow-through common shares at $0.10 per share.

Sun Summit plans to use proceeds for exploration of its JD, Theory and Buck properties and other Canadian properties it may acquire, plus general working capital. The company must use proceeds from charity flow-through shares for eligible Canadian exploration expenses qualifying as flow-through mining expenditures under Canada's Income Tax Act.

The company paid $303,380 in finder's fees and issued 2,944,400 non-transferable finder warrants exercisable at $0.14 per share until December 23, 2027. The private placement requires final approval from the TSX Venture Exchange, with securities subject to a hold period expiring April 24, 2025.

Sun Summit also announced plans to grant 9,000,000 stock options to employees, directors and advisors, subject to TSXV approval. The options are exercisable at $0.15 per common share until December 23, 2030.

Sun Summit focuses on gold and copper exploration in British Columbia through its JD and Theory projects in the Toodoggone region and the Buck project in central British Columbia.

You May Also Be Interested In

• Visa, Stripe Among Firms Joining Forces on Mainstream Stablecoin - Bloomberg
• Rekor launches video authentication tool for courts and insurers
• Arcutis launches virtual platform linking patients to dermatologists