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.
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