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BUCHAREST (Romania), December 3 (SeeNews) - Canada's Euro Sun Mining said that it has closed its first tranche of a private placement financing of common shares worth 2.0 million Canadian dollars ($1.5 million/1.35 million euro) for the advancement of its Rovina Valley Project in Romania and for general corporate purposes.
Under the first tranche of the previously announced non-brokered private placement, Euro Sun Mining issued 8 million units of the company at a price of 0.25 Canadian dollars each, it in a press release on Monday.
Each unit consists of one common share of the company and one half of a common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of 0.40 Canadian dollars per common share until December 2, 2021, the company said.
The closing of the offering, including the first tranche and any further tranches, is subject to receipt of final approval of the Toronto Stock Exchange.
In November, the company announced that it has discovered four new gold-copper porphyries at its Stanija prospecting permit in Romania, adjacent to its Rovina Valley Gold project.
Euro Sun is a Toronto Stock Exchange-listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania. The property hosts 10.11 million ounces of gold equivalent.
Formerly known as Carpathian Gold, Euro Sun changed its brand identity in September 2016.
($= 0.9033 euro)