Sunset Cove Announces Private Placement Closing
Toronto, Ontario--(Newsfile Corp. - November 11, 2013) - Sunset Cove Mining (TSXV: SSM) (BVL: SSM) ("SUNSET COVE" or the "Corporation"), has closed two tranches of a private placement in the amount of $99,700 as of October 11, 2013. A total of 3,323,334 common shares were issued at a price of $0.03 and each share was accompanied by one common share purchase warrant each whole warrant provides the holder the right to purchase one (1) additional share for $0.10 per Share. The warrants expire in 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.
The 2,283,334 Units issued under the 1st tranche of the private placement are subject to a four (4) month hold period, which will expire on January 19, 2014.
The 1,040,000 shares and warrants issued under this 2nd tranche of the private placement are subject to a four (4) month hold period, which will expire on February 11, 2014.
TSX Venture Exchange has conditionally approved the private placement. This private placement was made pursuant to the Temporary Relief Measures of the TSXV. The proceeds are to pay for audit and transfer agent fees, regulatory fees and property payment, as well as for general working capital for the Corporation's operations in Peru and Canada. Sunset Cove is awaiting final TSXV approval for the private placement subject to this press release and other conditions.
Two directors participated in the private placement. Furthermore, no finder's fees or broker's remuneration was paid for this private placement.
About Sunset Cove - Sunset Cove Mining Inc. is a dynamic Canadian junior mineral exploration and development company dedicated to driving shareholder value through the economical acquisition, exploration and development of strategic metals properties in Canada and Latin American locations to the point where they become attractive joint venture or acquisition targets. Sunset currently has two properties in its portfolio, the Lac Gueret West graphite property in Quebec and the Carolay Silver property in Peru.
Forward-Looking Statements
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 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."
For further information, please contact:
Lorne Woods, President, Sunset Cove Mining
(877) 234-0692; ext. 250
lwoods@sunsetcovemining.com
www.sunsetcovemining.com