Euro Sun Mining Inc (TSX:ESM, OTC:CPNFF) announced plans to raise up to C$5 million to advance work at its Rovina Valley project.
Through a non-brokered private placement, the Toronto-based resource company will issue up to 100 million common shares at a premium of C$0.05 per share.
In a statement, Euro Sun said it will use the funds to repay outstanding amounts under the two convertible security funding agreements with Lind Global Fund II, LP, and to fulfill the remaining permitting requirements for the Rovina Valley project.
Rovina Valley is one of the largest undeveloped copper-gold assets in the world, with 10.1 million ounces of gold equivalent in a porphyry system.
RVP is the second-largest undeveloped asset in Europe, according to Euro Sun.
The offering is set to close on or about August 18, 2023.
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