Sun Summit closes $4M private placement for BC exploration

Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) has closed a non-brokered private placement raising $4 million in aggregate gross proceeds, according to a company statement.

The placement consisted of two tranches: 20,689,656 charity flow-through common shares at $0.145 per share, and 10,000,000 non-flow-through common shares at $0.10 per share. The charity flow-through shares qualify under subsection 66(15) of the Income Tax Act (Canada).

The company intends to direct all proceeds toward exploration of its JD, Theory, and Buck properties in British Columbia. Proceeds from the flow-through shares will be applied to eligible Canadian exploration expenses qualifying as flow-through mining expenditures under both federal and British Columbia tax legislation.

In connection with the placement, Sun Summit paid $110,850 in finder's fees, of which $50,700 was settled through the issuance of 507,000 non-flow-through shares at $0.10 each. The company also granted 1,108,500 non-transferable finder warrants exercisable until August 26, 2028, at prices of $0.145 and $0.10 per common share, respectively.

The placement remains subject to final approval from the TSX Venture Exchange. Securities issued carry a hold period expiring December 27, 2026.

Separately, Sun Summit announced the grant of 11,250,000 stock options to certain directors, officers, and consultants, subject to TSXV approval. Each option allows the holder to acquire one common share at $0.15 for a period of five years from the date of issuance.

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