Sun Summit Announces Closing of $11.5 Million Non-Brokered Private Placement

Core Viewpoint - Sun Summit Minerals Corp. has successfully closed a non-brokered private placement, raising a total of $11,500,000 through the issuance of charity flow-through common shares and non-flow-through common shares [1][3]. Group 1: Private Placement Details - The private placement included the issuance of 67,857,143 charity flow-through common shares at a price of $0.14 each and 20,000,000 non-flow-through common shares at a price of $0.10 each [1]. - The gross proceeds from the charity flow-through shares will be used to incur eligible Canadian exploration expenses, qualifying as flow-through mining expenditures under the Income Tax Act [2][3]. - The company paid finder's fees totaling $303,380 and granted 2,944,400 non-transferable finder warrants, allowing the purchase of common shares at $0.14 until December 23, 2027 [4]. Group 2: Use of Proceeds - The proceeds from the private placement will be allocated for exploration of the JD, Theory, and Buck properties, as well as for general working capital [3]. Group 3: Regulatory and Compliance - The private placement is subject to final approval from the TSX Venture Exchange, and the securities issued will have a hold period expiring on April 24, 2025 [5]. - The company has also granted 9,000,000 stock options to employees, directors, and advisors, with an exercise price of $0.15 per share until December 23, 2030, pending TSXV approval [7]. Group 4: Company Overview - Sun Summit Minerals is focused on mineral exploration, particularly in gold and copper assets in British Columbia, with projects including JD, Theory, and Buck [8].