Business & Finance
Wed, April 13, 2011Tue, April 12, 2011Mon, April 11, 2011Sun, April 10, 2011Fri, April 8, 2011Thu, April 7, 2011Wed, April 6, 2011Tue, April 5, 2011Mon, April 4, 2011Sun, April 3, 2011Sat, April 2, 2011Sunset Cove to Close on Second Tranche of Private Placement for a total of $1,413,030
Published in Business and Finance on Thursday, April 7th 2011 at 8:30 GMT by Market Wire
MONTREAL, April 7 /CNW Telbec/ - Sunset Cove Mining (TSXV: SSM) ("SUNSET COVE" or the "Corporation"), announces that it has received subscriptions in the amount of $528,030.00. The Corporation has received conditional approval for this financing and it intends to proceed with a closing on this second tranche of its previously announced private placement on Friday April 8, 2011.
"The closing of the financing for just over $ 1.4 million shows the continued support for the management of Sunset Cove and its exploration program," said Lorne Woods, President and C.E.O. "We now have new institutional shareholders as well as current ones maintaining their share percentages."
"We look forward to utilizing the newly raised funds to aggressively explore our two properties, the Silver Carolay property and the Copper Azulcunca property," Woods stated. "In addition we will soon be announcing the second phase of our diamond drilling program at the Carolay property.
All shares issued under this 2nd tranche of the private placement will be subject to a four (4) month hold period, which will expire on Aug. 9, 2011.
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.
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.
The capital raised will be used for general working capital for the Corporation's operations. Over the past 18 months Sunset Cove has raised over $ 4,000,000.
About Sunset Cove
Sunset Cove Mining Inc., is a dynamic Canadian junior mineral exploration and development company dedicated to driving shareholder value through the economical acquisition, exploration and development of precious metals and copper properties in proven Latin American locations to the point where they become attractive joint venture or acquisition targets. Sunset Cove is in Peru now, because now is the time to be in Peru, and has a wholly owned Peruvian subsidiary, Minera Sunset Del Peru S.A.C based in Lima, and is building 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
