Sun Summit plans private placement to raise up to $7 million

Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) announced a non-brokered private placement to raise up to $7 million through the sale of 50 million charity flow-through shares at $0.14 per share.

The Vancouver-based mineral exploration company said it intends to use all proceeds for exploration of its JD, Theory and Buck properties in British Columbia, as well as any other Canadian properties it may acquire. The funds must be used for eligible Canadian exploration expenses that qualify as flow-through mining expenditures under Canada's Income Tax Act.

"This capital will fully fund our 2026 exploration program and help accelerate our progress towards an initial mineral resource estimate at JD," said Chief Executive Officer Niel Marotta.

The private placement requires approval from the TSX Venture Exchange before closing. Sun Summit may pay finder's fees in cash or securities to certain finders, including Eventus Capital Corp., which has been appointed as a finder for the transaction.

The charity flow-through shares will be subject to a four-month hold period under applicable securities laws. The shares have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

Sun Summit focuses on gold and copper exploration in British Columbia. Its portfolio includes the JD and Theory projects in the Toodoggone region of north-central British Columbia and the Buck project in central British Columbia.

You May Also Be Interested In

• QSE closes $6M private placement with final tranche of $674K
• Myriad Uranium completes acquisition of Rush Rare Metals
• Applied Optoelectronics sets up $600M at-the-market stock offering