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SUNVEST MINERALS CORP. ANNOUNCES PRIVATE PLACEMENT
Sunvest Minerals Corp. has arranged, subject to TSX Venture Exchange acceptance, a private placement of up to five million units at seven cents per unit for total gross proceeds of up to $350,000. Each unit will consist of one common share and one transferable share purchase warrant, with each warrant exercisable into one additional common share for a period of two years from the date of issue at a price of 12 cents per share. The warrants will be subject to an acceleration provision whereby, if at any time after four months and one day following closing of placement, the closing price of the company's common shares is 50 cents or more for a period of 10 consecutive trading days, the company will have the option to require the earlier exercise of the warrants within 30 days after the 10th trading day.
Finders' fees may be payable in whole or in part on the placement pursuant to the policies of the TSX Venture Exchange.
All securities issued under the placement will be subject to statutory hold periods expiring four months and one day from the date of issue.
Proceeds of the placement will be used for general working capital.