Euro Sun Closes Final Tranche, Issues Debenture, and Updates Corporate Structure

Euro Sun Mining Inc. (TSX: ESM) has successfully closed the final tranche of its non-brokered private placement financing, raising gross proceeds of C$274,000. Additionally, the company has issued a debenture and announced corporate updates, including the resignation of Mr. Choi as Corporate Secretary. These developments reflect Euro Sun's commitment to strengthening its financial position, advancing its Rovina Valley Project, and maintaining robust internal governance.



Closing the Final Tranche of Private Placement Financing

Euro Sun issued 5,480,000 units at C$0.05 per unit, raising gross proceeds of C$274,000. Each unit consists of one common share and one common share purchase warrant, entitling the holder to acquire an additional common share at an exercise price of C$0.05 for a period of two years from the issue date. The company paid an aggregate amount of C$9,100 plus applicable taxes in cash commissions and issued 182,000 broker warrants to finders.

The proceeds from the Offering will be used for the advancement of the Rovina Valley Project and for general corporate purposes. The Rovina Valley Project is one of Europe's largest copper-gold projects, and the additional capital will enable Euro Sun to progress with its development, potentially leading to increased revenue and profitability in the future.

Issuing a Debenture

Euro Sun has issued a debenture with a holding company of a director, providing for a principal amount of $350,000 and maturing on December 19, 2025. The debenture is non-interest bearing and is secured against all of the company's assets and property pursuant to a general security agreement. The funds from this debenture will be used to fund annual mining license fees for the Rovina Valley Project and for working capital costs in Canada and Romania.



The entering into of the Transaction Documents and the transactions thereunder constitute a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in respect of the Transaction Documents.

Corporate Updates

Euro Sun has announced the resignation of Mr. Choi as the Corporate Secretary of the Company. Management and the Board of Directors of the Company thank Mr. Choi for his tireless contributions to the Company during his tenure. This resignation reflects Euro Sun's commitment to maintaining a dynamic and effective board, ensuring that the company remains well-governed and focused on its strategic direction.

In conclusion, Euro Sun's closing of the final tranche of the private placement financing, issuance of the debenture, and corporate updates demonstrate the company's commitment to strengthening its financial position, advancing its Rovina Valley Project, and maintaining robust internal governance. These strategic moves position Euro Sun to capitalize on the growth opportunities in the European mining sector and create value for its shareholders.