TORONTO, July 26, 2024 (GLOBE NEWSWIRE) — Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that further to its press release on June 10, 2024, it has now completed the submission of its application (the “Application”) to the European Commission for the Rovina Valley Project to be designated as a “strategic project” within the European Commission’s Critical Raw Materials Act (the “CRMA”). The Application is supported by the Romanian Ministry of Economy and represents a significant achievement in progressing the Rovina Valley Project, as a “strategic project” designation would accelerate the development of the Rovina Valley Project to be a critical supplier of materials, namely copper, within the European Union’s supply chain.
Mr. Grant Sboros, the Chief Executive Officer of the Company, stated “Since the adoption of the CRMA in March 2024, the Company has worked tirelessly on the Application. We are excited to have submitted it in record timing and with the support of the Romanian government. We look forward to moving forward the Application within the CRMA framework to have the Rovina Valley Project be deemed a “strategic project”.”
Conversion of US$725,000 Promissory Notes
The Company is also pleased to announce that it has completed the conversion of an aggregate principal amount of US$725,000 plus all accrued interest thereon of promissory notes issued by the Company (see press releases dated March 1, 2024, April 2, 2024, April 29, 2024 and June 4, 2024) (together, the “Notes”) by issuing to the lenders (the “Lenders”) thereof an aggregate amount of 19,769,833 common shares of the Company (the “Conversion Shares”) (the “Conversion”). This represents an average weighted price of $0.052 per Conversion Share, an approximately 30% premium over the closing price of the common shares of the Company. In connection with the Conversion, the Lenders have released its security over the property and assets of the Company.
Mr. Sboros stated “It was a pleasure to work with John Robins and Jim Patterson over the past few months, including having them at the Rovina Valley Project for a site visit. We are extremely happy to have them be part of the Company’s shareholder base given their wealth of experience in developing mineral projects across the world. We appreciate their continued support as the Company continues to develop the Rovina Valley Project.”
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
Further information:
For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com
Caution regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the Application under the CRMA and the Conversion other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.eurosunmining.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
