Sunvest closes private placement for $1.55-million -SSS.v
2018-08-24 16:42 ET - News Release
Mr. Mike England reports
SUNVEST MINERALS CORP. COMPLETES PRIVATE PLACEMENT
Further to the news release of Aug. 7, 2018, Sunvest Minerals Corp. has closed its private placement of 25,928,000 units at six cents per unit for total gross proceeds of $1,555,680. Each unit consists of one common share and one-half of one transferable share purchase warrant authorizing the purchase of one additional common share at a price of 10 cents per share until Aug. 23, 2021.
Chief executive officer Mike England stated: "We are excited to have oversubscribed this financing, which, in turn, will help us get some late season exploration done on our flagship Clone project. With new strategic investors now on board, we feel Sunvest is poised for the future."
In connection with the private placement, the corporation paid cash finders' fees totalling $119,388 and issued 1,989,800 share purchase warrants. Each finder's warrant is exercisable into one common share of the corporation at a price of six cents per finder's warrant share until Aug. 23, 2019.
All securities issued under the offering are subject to statutory hold periods expiring on Dec. 24, 2018.
The financing, although conditionally approved by the TSX Venture Exchange, is subject to final approval.
Proceeds of the private placement will be used for general working capital and for exploration of the company's recently acquired Moosehead gold project located in Newfoundland and the Clone property located in the Golden Triangle in British Columbia.
About Sunvest Minerals Corp.
Sunvest Minerals is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders.
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