Euro Sun Mining Completes Submission to the European Commission under the Critical Raw Materials Act and Conversion of US$725,000 of Promissory Notes
26 Juli 2024 - 12:00PM
Euro Sun Mining Inc., (TSX: ESM) (“
Euro
Sun” or the “
Company”) is pleased to
announce that further to its press release on June 10, 2024, it has
now completed the submission of its application (the
“
Application”) to the European Commission for the
Rovina Valley Project to be designated as a “strategic project”
within the European Commission’s Critical Raw Materials Act (the
“
CRMA”). The Application is supported by the
Romanian Ministry of Economy and represents a significant
achievement in progressing the Rovina Valley Project, as a
“strategic project” designation would accelerate the development of
the Rovina Valley Project to be a critical supplier of materials,
namely copper, within the European Union’s supply chain.
Mr. Grant Sboros, the Chief Executive Officer of
the Company, stated “Since the adoption of the CRMA in March 2024,
the Company has worked tirelessly on the Application. We are
excited to have submitted it in record timing and with the support
of the Romanian government. We look forward to moving forward the
Application within the CRMA framework to have the Rovina Valley
Project be deemed a “strategic project”.”
Conversion of US$725,000 Promissory Notes
The Company is also pleased to announce that it
has completed the conversion of an aggregate principal amount of
US$725,000 plus all accrued interest thereon of promissory notes
issued by the Company (see press releases dated March 1, 2024,
April 2, 2024, April 29, 2024 and June 4, 2024) (together, the
“Notes”) by issuing to the lenders (the
“Lenders”) thereof an aggregate amount of
19,769,833 common shares of the Company (the “Conversion
Shares”) (the “Conversion”). This
represents an average weighted price of $0.052 per Conversion
Share, an approximately 30% premium over the closing price of the
common shares of the Company. In connection with the Conversion,
the Lenders have released its security over the property and assets
of the Company.
Mr. Sboros stated “It was a pleasure to work
with John Robins and Jim Patterson over the past few months,
including having them at the Rovina Valley Project for a site
visit. We are extremely happy to have them be part of the Company’s
shareholder base given their wealth of experience in developing
mineral projects across the world. We appreciate their continued
support as the Company continues to develop the Rovina Valley
Project.”
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed
mining company focused on the exploration and development of its
100%-owned Rovina Valley gold and copper project located in
west-central Romania, which hosts the second largest gold deposit
in Europe.
Further information:
For further information about Euro Sun Mining,
or the contents of this press release, please contact Investor
Relations at info@eurosunmining.com
Caution regarding forward-looking
information:
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, the Application under the CRMA and the Conversion other
factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
information, including risks inherent in the mining industry and
risks described in the public disclosure of the Company which is
available under the profile of the Company on SEDAR+
at www.sedarplus.ca and on the Company's website
at www.eurosunmining.com. Although the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The TSX does not accept responsibility for the
adequacy or accuracy of this news release.
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