Montreal, Quebec--(Newsfile Corp. - December 31, 2015) - Sunset Cove Mining (TSXV: SSM) ("Sunset Cove" or the "Company") announces that on December 23, 2015 the Company was granted a Partial Revocation Order of the Cease Trade Order (CTO) by the BCSC . The original CTO was issued to the Company on August 6, 2015 for failure to file the Company's audited financial statements.
Under the Partial Revocation order the Company has arranged a private placement of 85,312,996 common flow-through (the "Shares") at a price of $0.005 per Share for an aggregate gross proceeds of $426,564.98 (the "Offering").
The Company has engaged First Republic Capital Corp. as Agent of the Company for the private placement (the "Agent"). The Agent is entitled to receive: (i) a commission in the amount of 8% of the proceeds raised under this Offering, and (ii) 2% of the proceeds raised under this Offering as a corporate finance fee. The Agent will also receive warrants equal to 10% of the Shares issued. Each common share purchase warrant will entitle the Agent to be purchase one common share purchase warrant at the offering price for a period of 24 months (Agent's Warrant").
The Company as part of its negotiations with the Agent, has agreed to proceed with a consolidation of its shares at its next meeting of shareholders which is anticipated for some time in February 2016. The Company intends to file all of its outstanding continuous disclosure documents no later than January 15, 2016 at which time it will apply for the lifting of the cease-trade order.
The proceeds raised will be held in trust and used for exploration expenses, to repay the costs associated with bringing all continuous disclosure filings to date and professional fees related thereto, as well as basic corporate expenses. The private placement is subject to the approval of the TSX Venture Exchange.
Sunset Cove's mission is to acquire and advance high potential mining prospects located in North America for the benefit of its shareholders. For more information visit the website at www.sunsetcovemining.com.
FOR FURTHER INFORMATION:
Lorne Woods, President
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.