TORONTO, Sept. 6, 2012 /CNW Telbec/ - Sunset Cove Mining (TSXV: SSM)
(BVL: SSM) ("SUNSET COVE" or the "Corporation"), announces that it has
received subscriptions in the amount of $200,000. It will be
proceeding with a closing on this first tranche of its previously
announced private placement on Thursday Sept. 6, 2012.
Executives and directors have subscribed for 145,238 units in this first
closing. "The closing of this first tranche at a price slightly above
market shows the support for what we are doing at Sunset," said Lorne
Woods President and CEO.
All shares issued under this placement will be subject to a four (4)
month hold period, which will expire on January 6, 2013.
A finder's fee of 7% cash and 7% broker warrants will be paid to certain
arm's length parties. The broker warrants expire 18 months from the
closing. The completion of the offering is subject to approval of the
TSX Venture Exchange.
It is anticipated that the second and final tranche of this financing
will close shortly.
The financing is a non-brokered private placement consisting of up to
4,761,905 units (the "Units") at a price of $0.105 per Unit to
qualified investors, to raise up to $500,000.
The Units consist of one (1) common share and one half (1/2) share
purchase warrant. Each full share warrant will provide the holder with
the right to purchase one (1) additional share for $0.18 per Share. The
warrants expire in 18 months from the closing and are subject to an
"Acceleration Right" in favor 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 exploration and drilling on the
Carolay property and general working capital for the Corporation.
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 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.
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:
Lorne Woods; President; Sunset Cove Mining
(877) 234-0692; ext 250