Sunset Cove Private Placement
Sunset Cove Mining Inc. (TSX-V: SSM) has announced that it is undertaking a non-brokered private placement financing consisting of up to 5,000,000 units at a price of $0.10 per Unit to qualified investors, to raise up to $500,000.
The Units consists of one (1) common share and one (1) share purchase warrant, providing the holder with the right to purchase 1 additional share for $0.15 per Share. The Warrants expire in 18 months from the closing and are subject to an “Acceleration Right” in favour 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.
All Shares issued under this placement will be subject to a four (4) month hold period.
The capital raised will be used for general working capital for the Corporation’s operations.
A finder’s fee of 10% cash and 8% broker warrants will be paid to certain arm’s length parties. The broker warrants expire 12 months from the closing.
The completion of the offering is subject to approval of the TSX Venture Exchange
Posted March 8, 2011
