MONTREAL, April 7 /CNW Telbec/ - Sunset Cove Mining (TSXV: SSM) ("SUNSET
COVE" or the "Corporation"), announces that it has received
subscriptions in the amount of $528,030.00. The Corporation has
received conditional approval for this financing and it intends to
proceed with a closing on this second tranche of its previously
announced private placement on Friday April 8, 2011.
"The closing of the financing for just over $ 1.4 million shows the
continued support for the management of Sunset Cove and its exploration
program," said Lorne Woods, President and C.E.O. "We now have new
institutional shareholders as well as current ones maintaining their
"We look forward to utilizing the newly raised funds to aggressively
explore our two properties, the Silver Carolay property and the Copper
Azulcunca property," Woods stated. "In addition we will soon be
announcing the second phase of our diamond drilling program at the
All shares issued under this 2nd tranche of the private placement will
be subject to a four (4) month hold period, which will expire on Aug.
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.
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.
The capital raised will be used for general working capital for the
Corporation's operations. Over the past 18 months Sunset Cove has
raised over $ 4,000,000.
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
contract. One of those properties is the Carolay Polymetallic Silver
Property, the Carolay Property.
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
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.
SOURCE SUNSET COVE MINING INC.
For further information:
Sunset Cove Mining
(877) 234-0692; ext 250