Euro Sun Mining Inc (TSX:ESM, OTC:CPNFF) told investors it issued a debenture to certain lenders for a principal amount of US$660,000.
The debenture, which matures on June 15, 2024, is non-interest bearing and is secured against all of the company's assets and property. The principal amount will be advanced in two tranches, with the first US$115,000 advanced upon execution of the debenture and a second US$545,000 advanced by December 15, 2023.
It intends to use the proceeds to fund annual mining license fees for its Rovina Valley Project and for working capital costs in Canada and Romania.