Euro Sun Mining Inc (TSX:ESM, OTC:CPNFF) announced plans to raise nearly C$2.4 million to boost its treasury and advance its 100%-owned Rovina Valley gold and copper project located in west-central Romania.
The Canadian firm said it intends to offer up to 47.3 million shares at a price of C$0.05 per share for gross proceeds of up to C$2,365,000.
Upon closing of the financing, Eva Bellissimo and Peter Vukanovich will resign as directors of the company, Euro Sun said in a statement.
READ: Euro Sun Mining achieves major EPA permitting milestone for its Rovina Valley project in Romania
The outgoing directors will be succeeded by mining industry veteran Grant Sboros and Neil Said, a business executive and corporate securities lawyer.
Sboros has extensive mining experience in Africa in both operations and finance, having previously held positions including as CFO of Katanga Mining Limited from 2017 to 2019 and executive director of Forbes Manhattan looking after African mining assets.
Said works for various Toronto Stock Exchange, TSX Venture Exchange and Canadian Securities Exchange-listed companies in the mining, oil & gas, cannabis and technology industries.
Euro Sun said that the company "thanks Ms. Bellissimo and Mr. Vukanovich for their contributions and wish them well in their future endeavours."
The group's board of directors will include Danny Callow, David Danziger, Bruce Humphrey, Scott Moore, Paul Perrow, Said and Sboros.
Closing of the full offering is expected to occur on or about November 18, 2022.
Secured lending facility
Separately, Euro Sun said it is in discussion with its secured lender, Lind Global Fund II, LP regarding a waiver for any possible events of default pursuant to the convertible security funding agreement dated February 18, 2022 and another dated July 8, 2022 each between Euro Sun and Lund. It is anticipated that delivery of this waiver will be conditional on closing of the offering.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas