TORONTO, Sept. 15, 2011 /CNW Telbec/ - Sunset Cove Mining Inc. ("Sunset Cove" or the "Corporation") (TSXV: SSM) (BVL: SSM) announces that it has completed a private placement of 39,569,955 Units.
Each Unit is comprised of one (1) common share of the Corporation at
USD$0.09 per share (CAN $0.0891) and one (1) share purchase warrant,
with each share purchase warrant being exchangeable for one common
share each at a price of USD$0.15. The Warrant is subject to an
"Acceleration Right". The warrants expire 18 months from closing of the
financing, subject to an Acceleration Right in favour of the
Corporation if the underlying shares close at a trading price of $0.22 or higher for five (5) consecutive trading days, in accordance with the
requirements of the TSX Venture Exchange. Kallpa Securities SAB of
Lima, Peru ("Kallpa") acted as agent in the offering of Sunset Cove's
shares to qualified South American investors on a commercially
reasonable best-efforts basis.
The private placement was completed for gross proceeds of
USD$3,561,295.95, at an issue price of USD$0.09 (CAN$0.0885) per Unit.
The issue price was determined by the Corporation and Kallpa in the
context of the market.
A cash commission of 7% of the gross proceeds of the private placement,
as well as 2,769,896 Warrants (representing 7% of the Units) was paid
by the Corporation to Kallpa as consideration for arranging the private
placement. Completion of the private placement is subject to customary
conditions including, but not limited to, the approval of the Toronto
In Canada, the securities issued pursuant to the private placement are
subject to a statutory hold period of four months and a day expiring on
January 16, 2011.
The net proceeds from the private placement are intended to be used to
advance the Corporation's Carolay project and for general working
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 and copper 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 and copper, with two properties under
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.
SOURCE SUNSET COVE MINING INC.
For further information:
President Sunset Cove Mining
(877) 234-0692; ext 250