MONTREAL, QUEBEC--(Marketwired - June 28, 2016) - Sunset Cove Mining (TSX VENTURE:SSM) ("Sunset Cove" or the "Company") announces an increase in its private placement and a property acquisition.
The Company is pleased to announce that subject to conditional approval from the TSX Venture Exchange it will close on up to $870,000 of units with each unit priced at $0.005 comprised of one (1) common share and one half (1/2) warrant. Each whole warrant allows the holder to receive one (1) common share of the Company upon payment of one cent ($0.01) for three (3) years from Closing.
The Company also announces that it will proceed with the consolidation of its shares, post closing, on the basis of one (1) common share for each ten (10) existing common shares (the "Consolidation"). As at the time of closing, there will be an aggregate of 275,422,956 common shares issued and outstanding, including the anticipated number of common shares to be issued in the current share offering if it is fully subscribed. It is expected that upon completion of the Consolidation an aggregate of approximately 27,542,295 common shares will be issued and outstanding, assuming there are no other changes in the issued capital of the Company.
First Republic Capital Corporation acted as exclusive lead agent in the financing.
In addition, the Company announces to be entering into an option agreement with Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) with respect to The Houlton Woodstock Manganese Property located in Carlton County, in the Province of New Brunswick and comprised of thirty-two (32) mining claims. This option agreement is subject to the approval of the TSX Venture Exchange and requires certain payments and the issuance of shares to allow the Company to earn a 100% interest in the property.
Sunset Cove's mission is to acquire and advance high potential mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. For more information visit the website at www.sunsetcovemining.com.
Forward-Looking Statement: Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Sunset Cove Mining. Actual results may differ materially from those currently anticipated in such statements. Neither the 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.