Euro Sun Mining Issues Debenture for Proceeds of US$660,000
TORONTO, Dec. 06, 2023 -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has issued a debenture (the “Debenture”) to certain lenders (“Lenders”) providing for a principal amount of US$660,000 (the “Principal Amount”) and maturing on June 15, 2024. The Debenture is non-interest bearing and is secured against all of the assets and property of the Company pursuant to a general security agreement. The Principal Amount will be advanced in two tranches, with the first US$115,000 advanced upon execution of the Debenture and a second US$545,000 advanced by December 15, 2023.
Euro Sun intends to use the Principal Amount for funding annual mining license fees for the Rovina Valley Project and for working capital costs in Canada and Romania.
In connection with the Debenture, the Company issued an aggregate amount of 20,000,000 warrants of the Company to the Lenders. Each Warrant will entitle the holder thereof to acquire one additional Common Share of the Company at an exercise price of C$0.05 per Common Share until December 6, 2026. All Warrants and securities issuable thereunder are subject to a hold period of four months and one day from the date of issuance.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
Further information:
For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com
Caution regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Debenture, the Warrants and use of proceeds of the Principal Amount. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.eurosunmining.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements
