Sunset Cove Mining Inc. (TSXV:SSM,BVL:SSM) announced that it will move forward with a non-brokered private placement of up to $1,000,000. Each unit will be at a price of $0.07 per unit and the non-brokered private placement will be composed of up to 14,285,714 units.
As quoted in the press release:
Each Unit consists of one (1) common share (“Share”) and one common share purchase warrant (“Warrant”). Each Warrant provides the holder with the right to purchase one (1) additional Share for $0.09 per Share. The Warrants expire eighteen (18) months from the closing and are subject to an “Acceleration Right” in favor of the Corporation. Should the shares of the Company close at $0.12 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.
Sunset Cove Mining Inc. President and CEO, Lorne Woods
With a first closing anticipated with a group of high net worth investors in Lima, Sunset is growing its shareholder base in Peru