Sunset Cove to Close on First Tranche of Private Placement for $200,000
September 03 2012 - 11:56PM
PR Newswire (Canada)
TORONTO, Sept. 6, 2012 /CNW Telbec/ - Sunset Cove Mining (BVL: SSM)
("SUNSET COVE" or the "Corporation"), announces that it has
received subscriptions in the amount of $200,000. It will be
proceeding with a closing on this first tranche of its previously
announced private placement on Thursday Sept. 6, 2012. Executives
and directors have subscribed for 145,238 units in this first
closing. "The closing of this first tranche at a price slightly
above market shows the support for what we are doing at Sunset,"
said Lorne Woods President and CEO. All shares issued under
this placement will be subject to a four (4) month hold period,
which will expire on January 6, 2013. A finder's fee of 7%
cash and 7% broker warrants will be paid to certain arm's length
parties. The broker warrants expire 18 months from the closing. The
completion of the offering is subject to approval of the TSX
Venture Exchange. It is anticipated that the second and final
tranche of this financing will close shortly. The financing is a
non-brokered private placement consisting of up to 4,761,905 units
(the "Units") at a price of $0.105 per Unit to qualified investors,
to raise up to $500,000. The Units consist of one (1) common
share and one half (1/2) share purchase warrant. Each full share
warrant will provide the holder with the right to purchase one (1)
additional share for $0.18 per Share. The warrants expire in 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 $0.25 or higher for 5 consecutive days, the expiry of the
warrants will accelerate and expiry will be 20 days from issuance
of a news release by the Corporation announcing the trigger of the
acceleration right. The capital raised will be used for
exploration and drilling on the Carolay property and general
working capital for the Corporation. About Sunset Cove Sunset Cove
Mining Inc., is a dynamic Canadian junior mineral exploration and
development company dedicated to driving shareholder value through
the economical acquisition, exploration and development of precious
metals properties in proven Latin American locations to the point
where they become attractive joint venture or acquisition targets.
Sunset Cove is in Peru now, because now is the time to be in Peru,
and has a wholly owned Peruvian subsidiary, Minera Sunset Del Peru
S.A.C based in Lima, and is building a Peruvian mining portfolio in
precious metals. 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. SUNSET COVE MINING INC. CONTACT: Lorne
Woods; President; Sunset Cove Mining(877) 234-0692; ext
250lwoods@sunsetcovemining.com www.sunsetcovemining.com
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