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Sun Summit Minerals Corp. ( (TSE:SMN) ) has issued an announcement.
Sun Summit Minerals Corp. has closed a non-brokered private placement raising $11.5 million through the issuance of 67,857,143 charity flow-through shares at $0.14 and 20,000,000 non-flow-through shares at $0.10. The company plans to use the funds to advance exploration at its JD, Theory and Buck properties in British Columbia and for general working capital, with the flow-through proceeds dedicated to qualifying Canadian exploration expenditures. In connection with the financing, Sun Summit paid $303,380 in cash finder’s fees and issued 2,944,400 finder warrants exercisable at $0.14 until December 23, 2027, while also granting 9,000,000 stock options to employees, directors and advisors at an exercise price of $0.15 until December 23, 2030, steps that together strengthen its balance sheet and align insiders and intermediaries with the company’s long-term exploration strategy, subject to final TSX Venture Exchange approval.
More about Sun Summit Minerals Corp.
Sun Summit Minerals Corp. is a mineral exploration company focused on discovering and advancing district-scale gold and copper assets in British Columbia. Its portfolio includes the JD and Theory projects in the Toodoggone region of north-central B.C. and the Buck project in central B.C., positioning the company within Canada’s active precious and base metals exploration sector.
Average Trading Volume: 1,244,660
Technical Sentiment Signal: Sell
Current Market Cap: C$27.44M
See more insights into SMN stock on TipRanks’ Stock Analysis page.