August 24, 2018 (Source) — Sunvest Minerals Corp. (TSX-V: SSS) (“Sunvest Minerals” or the “Corporation”) is pleased to announce that, further to its news release of August 7, 2018, it has closed its private placement of 25,928,000 units at $0.06 per unit for total gross proceeds of $1,555,680.00. Each unit consists of one common share and one half of one transferable share purchase warrant authorizing the purchase of one additional common share at a price of $0.10 per share until August 23, 2021.
CEO Mike England states, “We are excited to have over-subscribed this financing which in turn will help us get some late season exploration done on our flagship Clone project. With new strategic investors now on-board we feel Sunvest is poised for the future.”
In connection with the private placement, the Corporation paid cash finder’s fees totalling $119,388 and issued 1,989,800 share purchase warrants (“Finder’s Warrants”). Each Finder’s Warrant is exercisable into one common share of the Corporation at a price of $0.06 per Finder’s Warrant share until August 23, 2019.
All securities issued under the offering are subject to statutory hold periods expiring on December 24, 2018.
The financing, although conditionally approved by the TSX Venture Exchange (TSXV), is subject to final approval.
Proceeds of the private placement will be used for general working capital and for exploration of the Company’s recently acquired Moosehead gold projects located in Newfoundland and the Clone property located in the Golden Triangle in British Columbia.
About Sunvest Minerals Corp.
Sunvest Minerals is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders.
On behalf of the Board:
Neither the 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.