Sun Summit arranges $3.5-million private placement

Dec 2, 2024

2024-12-02 09:33 ET – News Release

Mr. Brian Lock reports

SUN SUMMIT ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF FLOW-THROUGH UNITS AND NON-FLOW-THROUGH UNITS

Sun Summit Minerals Corp. intends to complete a non-brokered private placement consisting of the issuance of: (i) up to 17,241,379 flow-through units of the company at a price of 14.5 cents per FT unit; and (ii) up to 7,692,307 non-flow-through units of the company at a price of 13 cents per NFT unit, for aggregate gross proceeds to the company of up to $3.5-million.

Each FT unit will consist of one common share of the company issued on a flow-through basis under the Income Tax Act (Canada) and one-half common share purchase warrant of the company. Each FT warrant will entitle the holder to acquire one non-flow-through common share of the company at an exercise price of 14.5 cents per share for a period for 24 months from the date of issuance of the FT warrant.

Each NFT unit will consist of one non-flow-through common share of the company and one common share purchase warrant of the company. Each NFT warrant will entitle the holder to acquire one non-flow-through common share of the company at an exercise price of 13 cents per share for a period for 36 months from the date of issuance of the NFT warrant.

The company intends to use all of the gross proceeds of the private placement for exploration of the company’s JD and Buck properties and any other Canadian properties that the company may acquire. The company will use the gross proceeds from the issuance of flow-through shares to incur Canadian exploration expenses that qualify as flow-through mining expenditures under the Income Tax Act (Canada).

The closing of the private placement is subject to certain closing conditions, including the approval of the TSX Venture Exchange. The company may pay finders’ fees in cash or securities to certain arm’s-length finders engaged in connection with the private placement, subject to the approval of the TSX-V. The securities issued in the private placement will be subject to a four-month hold period, in accordance with applicable securities laws.

About Sun Summit Minerals Corp.

Sun Summit Minerals is a mineral exploration company focused on expansion and discovery of district-scale gold and copper assets in British Columbia. The company’s diverse portfolio includes the JD project in the Toodoggone region of north-central British Columbia and the Buck project in central British Columbia.

We seek Safe Harbor.

https://sunsummitminerals.com/