Euro Sun Mining raises $22M to fund Romanian exploration

• Euro Sun Mining (TSX:ESM) has successfully completed its previously announced bought deal offering for gross proceeds of roughly C$22.3 million
• The company issued a total of 57.2 million units at a price of 39 cents each, consisting of one common share in the company and half of one common share purchase warrant
• Sprott Capital Partners LP conducted the offering, acting as lead underwriter and sole bookrunner, along with BMO Nesbitt Burns
• The proceeds will be used to fund exploration and development activities at the company’s projects in Romania
• Euro Sun Mining (ESM) is currently down 8.09 per cent and is trading at 31 cents per share at 10:57am EDT

Euro Sun Mining (TSX:ESM) has successfully completed its previously announced bought deal offering for gross proceeds of roughly C$22.3 million.

The company issued a total of 57.2 million units at a price of 39 cents each. These units are comprised of one common share in the company and half of one common share purchase warrant.

Each whole warrant will entitle the holder to acquire an additional common share at a price of 55 cents, exercisable any time prior to June 5, 2023.

The offering was conducted by Sprott Capital Partners, which acted as lead underwriter and sole bookrunner, along with BMO Nesbitt Burns.

As consideration for their services, Euro Sun Mining issued a cash commission to these underwriters worth seven per cent of the total funds raised. A number of share purchase warrants were also issued, equal to seven per cent of the total units sold and will be exercisable at a price of 39 cents.

The proceeds raised under the offering will be used to fund exploration and development activities at the company’s projects in Romania, including permit requirements and a feasibility study. A portion will also be used for general working capital.

Euro Sun’s primary asset is the wholly owned Rovina Valley Project, which covers 27.68 square kilometres in west-central Romania, approximately 300 kilometres northwest of Bucharest.

It’s considered to host the second-largest gold deposit in Europe, with a measured and indicated mineral resource of 10.1 million ounces of gold equivalent. The Rovina Valley Project sits within the renowned Golden Quadrilateral district, which is estimated to have generated roughly 55 million ounces of gold since the Roman period.

Euro Sun Mining (TSX:ESM) is currently down 8.09 per cent and is trading at 31 cents per share at 10:57am EDT.