Sunset Cove Closes Second Tranche of Private Placement for a total of $304,690.00 and holds its Annual and Special Meeting of S
September 30 2012 - 4:38AM
PR Newswire (Canada)
TORONTO, Oct. 3, 2012 /CNW Telbec/ - Sunset Cove Mining (BVL: SSM)
("SUNSET COVE" or the "Corporation"), has closed its 2(nd) tranche
of a private placement in the amount of $97,605.00 as of today. The
1(st) tranche of the private placement in the amount of $207,085.00
closed on September 6, 2012. "The closing of over $300,000 of the
financing shows the continued support for the management of Sunset
Cove and its exploration program," said Lorne Woods, President and
C.E.O. "In this challenging market our existing shareholders
are still with us and new ones have come on board." The Units
consists of one (1) common share and one half of one (1/2) share
purchase warrant, each whole warrant provides the holder 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 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. A finder's fee of
7% cash and 7% broker warrants will be paid to certain arm's length
parties. The broker warrants expire eighteen (18) months from the
closing. The TSX Venture Exchange has conditionally approved the
private placement. The 1,972,238 Units issued under the 1(st)
tranche of the private placement are subject to a four (4) month
hold period, which will expire on January 7, 2013. The 920,820
Units issued under this 2nd tranche of the private placement are
subject to a four (4) month hold period, which will expire on
February 2, 2013. The capital raised will be used for general
working capital for the Corporation's operations in Peru and
Canada. In other news, Sunset Cove held its Annual and Special
Meeting of shareholders this past Thursday September 27,
2012. Sunset Cove's Lorne Woods is pleased to announce that
the directors' and management team's mandates have been continued
for the next financial year. 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. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. SUNSET
COVE MINING INC. CONTACT: Lorne WoodsPresident Sunset Cove
Mining(877) 234-0692; ext
250lwoods@sunsetcovemining.comwww.sunsetcovemining.com
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