Euro Sun Mining Inc (TSX:ESM, OTC:CPNFF) has closed the funding amount of C$1.5mln pursuant to its previously announced convertible security funding agreement with Lind Global Fund II, LP, an investment entity managed by The Lind Partners, a New York based institutional fund manager.
Euro Sun intends to use the funding for development expenditures at its Rovina Valley gold and copper project in Romania and for general and corporate working capital purposes.
As part of the agreement Euro Sun has issued to Lind a convertible security with a face value of C$1.8 million, which includes pre-paid interest of C$300,000, as well as just over 12.7mln warrants exercisable at C$0.1357, being 115% of the 10-day VWAP of the common shares, immediately prior to execution of the agreement.