Sun Peak Metals (TSX-V:PEAK) has closed its C$11.4 million ($11.6 million) private placement, with proceeds earmarked for exploration at its projects in Saudi Arabia and Ethiopia, offering costs, and general working capital.
The company closed the second and final tranche of the non-brokered offering on 16 October, raising gross proceeds of C$1.69 million. In total, Sun Peak issued roughly 28.5 million units at C$0.40 each to raise aggregate gross proceeds of approximately C$11.4 million.
Each unit comprises one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to buy one common share at C$0.55 for two years.
The warrants carry an accelerated expiry provision if the volume-weighted average price of the company’s shares on the TSX Venture Exchange equals C$1.10 for 10 consecutive trading days.
All securities carry a four-month-and-one-day hold period, and the offering remains subject to final TSX Venture Exchange acceptance.
The company holds 13 exploration licences in Saudi Arabia covering 1,072km² along volcanogenic massive sulphide and gold trends, with applications pending for two more licences covering about 200km². In Ethiopia, the Shire Project comprises six exploration licences covering about 1,450km².
Sun Peak has around 164.44 million shares on issue. The stock closed at C$0.34 on 16 October, giving a market capitalisation of about C$55.9 million.
Sun Peak Metals in an explorer, with a portfolio siting within the Arabian-Nubian Shield. Notable deposits in the region include Jabal Sayid and Mansourah in Saudi Arabia; and the Bisha mine and Asmara projects in Eritrea.
Write to Paula Fabe at Mining.com.au
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