Press release from CNW Group
Sunset Cove Announces Non-Brokered Private Placement of up to $1,000,000
Wednesday, January 16, 2013
TORONTO, Jan. 16, 2013 /CNW Telbec/ - Sunset Cove Mining Inc. (TSXV: SSM) (BVL: SSM) ("SUNSET COVE" or the "Corporation"), announces that it will be proceeding with a non-brokered private placement of up to $1,000,000 comprised of up to 14,285,714 units at a price of $0.07 per unit (the "Units").
Each Unit consists of one (1) common share ("Share") and one common share purchase warrant ("Warrant"). Each Warrant provides the holder with the right to purchase one (1) additional Share for $0.09 per Share. The Warrants expire eighteen (18) months from the closing and are subject to an "Acceleration Right" in favor of the Corporation. Should the shares of the Company close at $0.12 or higher for five (5) consecutive days, the expiry of the Warrants will accelerate and expiry will be twenty (20) days from issuance of a news release by the Corporation announcing the trigger of the Acceleration Right.
"With a first closing anticipated with a group of high net worth investors in Lima, Sunset is growing its shareholder base in Peru," said Lorne Woods President and CEO.
A finder's fee to established will be paid to certain arm's length parties. The Finder Warrants expire eighteen (18) months from the closing. The Finder's Warrants are not subject to the Acceleration Right.
The capital raised will be used for general working capital for the Corporation's operations in Peru and Canada. One or more closings may occur up to January 31, 2013, or at such other date which may be agreed upon and subject to the approval of the TSX Venture Exchange.
Some of the statements contained herein may be forward-looking statements that involve known and unknown risks and uncertainties. Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, and the uncertainty of access to additional capital. Sunset Cove disclaims any obligation to update any such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: SUNSET COVE MINING INC.
For further information:
Sunset Cove Mining
(877) 234-0692; ext 250