Business & Finance
Business and Finance
Business and Finance
Fri, March 11, 2011
Thu, March 10, 2011 
MONTREAL, March 10 /CNW Telbec/ - Sunset Cove Mining (TSXV: SSM) ("SUNSET COVE" or the "Corporation"), announces that due to market demand it has increased the size of its previously announced financing to $ 1,000,000. The financing is a non-brokered private placement financing consisting of up to 10,000,000 units (the "Units") at a price of $0.10 per Unit to qualified investors, to raise up to $1,000,000.
The Units consists of one (1) common share and one (1) share purchase warrant, providing the holder with the right to purchase 1 additional share for $0.15 per Share. The Warrants expire in 18 months from the closing and are subject to an "Acceleration Right" in favour of the Corporation. Should the Shares of the Company close at $0.25 or higher for 5 consecutive days, the expiry of the Warrants will accelerate and expiry will be 20 days from issuance of a news release by the Corporation announcing the trigger of the acceleration right.
All shares issued under this placement will be subject to a four (4) month hold period. The capital raised will be used for general working capital for the Corporation's operations.
A finder's fee of 10% cash and 8% broker warrants will be paid to certain arm's length parties. The broker warrants expire 12 months from the closing.
The completion of the offering is subject to approval of the TSX Venture Exchange.
About Sunset Cove
Sunset Cove is a mineral exploration company incorporated in Canada that seeks to increase shareholder value through the acquisition, exploration and advancement of potentially large-scale precious metals and copper properties. It has a Peruvian mining portfolio in precious metals and copper, with two properties under contract. One of those properties is the Carolay Polymetallic Silver Property (the "Carolay Property").
Forward-Looking Statements
Some of the statements contained herein may be forward-looking statements that involve known and unknown risks and uncertainties. Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information.
Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, and the uncertainty of access to additional capital. Sunset Cove disclaims any obligation to update any such forward-looking statements.
