NEWS RELEASESUBSCRIBE TO UPDATES
SUNVEST MINERALS CORP. COMPLETES PRIVATE PLACEMENT
Sunvest Minerals Corp., further to its news release of July 8, 2016, has closed its private placement of five million units at seven cents per unit for total gross proceeds of $350,000. Each unit consists of one common share and one transferable share purchase warrant authorizing the purchase of one additional common share at a price of 12 cents per share until Aug. 18, 2018. The warrants are subject to an acceleration provision whereby if at any time after Dec. 19, 2016, the closing price of the corporation's common shares is 50 cents or more for a period of 10 consecutive trading days, the corporation will have the option to require the earlier exercise of the warrants within 30 days after the 10th trading day.
In connection with the private placement, the corporation paid cash finders' fees totalling $18,725 and issued 203,500 share purchase warrants. Each finder's warrant is exercisable into one common share of the corporation at a price of seven cents per finder's warrant share until Aug. 18, 2018.
All securities issued under the offering are subject to statutory hold periods expiring on Dec. 19, 2016.
Proceeds of the private placement will be used for general work capital.