Euro Sun Announces Closing of Private Placement With Orion Mine Finance
NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWS WIRE SERVICES
TORONTO, Nov. 08, 2018 - Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement financing by issuing 4,333,333 common shares of the Company at a price of C$0.60 per common share for gross proceeds of US$2.0 million (equivalent to C$2.6 million at the exchange rate of US$1.00 to C$1.30) with Orion Mine Finance Fund II LP (the “Offering”).
The gross proceeds of the Offering will be used for general corporate purposes and for the advancement of its Rovina Valley Project. The common shares will be subject to a four month hold period that expires on March 9, 2019. Closing of the Offering is subject to receipt of regulatory approval, including final Toronto Stock Exchange approval. No finder fees were paid in connection with the Offering.
Pursuant to the Offering, Orion shall have the right to nominate one individual to the Euro Sun board of directors so long as Orion holds more than 5% of the issued and outstanding common shares of the Company. In connection with this right, the Company is pleased to announce that Mr. Michael Barton, a partner with Orion Resource Partners (“Orion”) will be joining the Board of Directors. Mr. Barton is based in London.
Mr. Barton is a Portfolio Manager at Orion, a mining-focused investment business with approximately US$4.7 billion under management (as at June 30, 2018), which provides flexible capital investment solutions to mining companies in the base and precious metals sector. Orion has demonstrated capability in debt, equity, and production-linked investments, such as streams, offtakes and royalties and is recognised as one of the leaders in mining finance. Prior to Orion, Mr. Barton was Chief Executive Officer of Pala Investments, a mining‐focused investment company based in Zug, Switzerland, and prior to that, was Vice President at Hatch Corporate Finance (now HCF International Advisers), a mining and metals‐focused corporate finance boutique. Mr. Barton holds a First Class Honours degree in Geography from the University of Leicester and is a qualified chartered accountant (ICAEW).
This press release is not an offering of securities for sale in the United States. The common shares of the Company have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of that Act.
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 or +1 416.309.4299.
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 Offering and use of proceeds of the Offering and the appointment of a new director. 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 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.