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SUNVEST MINERALS CORP. COMPLETES PRIVATE PLACEMENT
Sunvest Minerals Corp. has closed the offering previously announced on May 2, 2016. Sunvest Minerals has issued 7.35 million units at a price of five cents per unit for gross proceeds of $367,500. Each unit consists of one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of 10 cents per common share for a period of five years expiring on June 15, 2021.
In connection with the private placement, the company paid cash finders' fees totalling $8,800 and issued 176,000 share purchase warrants. Each finder warrant is exercisable into one common share of the corporation for a period of two years at a price of 10 cents per finder warrant share.
Proceeds of the private placement will be used for the search and investigation of new projects and for general work capital.