Business & Finance
Business and Finance
Business and Finance
Thu, April 14, 2011 Sunset Cove Closes Second Tranche of Private Placement for a total of $1,413,030
TORONTO, April 14 /CNW Telbec/ - Sunset Cove Mining (TSXV: SSM) ("SUNSET COVE" or the "Corporation"), has closed its 2nd tranche of a private placement in the amount of $528,030.00 as of today.
The 1st tranche of the private placement in the amount of $885,000.00 closed on March 18, 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."
The Units consists of one (1) common share and one (1) share purchase warrant, providing the holder with the right to purchase one (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 five (5) consecutive days, the expiry of the warrants will accelerate and expiry will be twenty (20) days from issuance of a news release by the Corporation announcing the trigger of the acceleration right.
A finder's fee of 10% cash and 8% broker warrants will be paid to certain arm's length parties. The broker warrants expire twelve (12) months from the closing.
The TSX Venture Exchange has conditionally approved the 2nd tranche.
The 8,850,000 Units issued under the 1st tranche of the private placement are subject to a four (4) month hold period, which will expire on July 19, 2011.
The 5,280,300 Units issued under this 2nd tranche of the private placement are subject to a four (4) month hold period, which will expire on August 15, 2011.
The capital raised will be used for general working capital for the Corporation's operations in Peru and Canada.
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.
