Sunvest Closes Second and Final Tranche of Financing
Vancouver, BC (FSCwire) - Sunvest Minerals Corp. (TSX-V: SSS) ("Sunvest Minerals" or the “Company”) announces that further to its news releases dated September 28, 2017 and October 31, 2017 it has completed the second and final tranche of a non-brokered private placement. The total raised in the financing for the two tranches was 9,110,000 units for total gross proceeds of $911,000.00.
Each Unit is comprised of one common share (a "Share") and one half of one Share purchase warrant (a "Warrant") of the Company. Each full Warrant will entitle the holder to purchase one Share (a “Warrant Share”) at a price of $0.15 per Warrant Share for an 18 month period after the Closing Date. The warrants are subject to an acceleration clause, which states that the issuer will have the right to accelerate the expiry date of the warrants if, at any time, the average closing price of the shares is equal to or greater than 25 cents for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after the issuer issues a news release, announcing that it has elected to exercise this acceleration right. The Company paid a cash commission to the finders on the two Tranches of the financing totalling $36,000.00 and issued 210,000 finder’s warrants exercisable for 18 months at $0.10.
The Shares and warrants issued pursuant to the second tranche of the private placement and any Shares issued on exercise of the warrants are subject to four-month resale restriction that expires on March 15, 2018.
The proceeds raised will be used for general corporate purposes and for advancing the Company’s 4,621 hectare high grade gold-cobalt Clone Project located near Stewart in the Golden Triangle region of northwestern British Columbia as well as the Company’s Evening Star project located near Hawthorne, Nevada.
ON BEHALF OF THE BOARD
Mike England, CEO & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
Source: Sunvest Minerals Corp. (TSX Venture:SSS)
To follow Sunvest Minerals Corp. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2017 Filing Services Canada Inc.