TORONTO, March 01, 2024 (GLOBE NEWSWIRE) — Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that, through its wholly owned Romanian subsidiary SAMAX Romania S.R.L. (“SAMAX”), it has successfully concluded meetings with the Romanian Ministry of Economy (December 2023) and the Romanian Ministry of Environment, Water and Forests (January 2024).
Represented by Mr. Grant Sboros (CEO of Euro Sun) and Mr. Sorin Halga (General Director of SAMAX), the meetings held in Bucharest have discussed various aspects of Euro Sun’s permitting submission and the ability of the Euro Sun to support the long-term economic aspirations of Romania’s Hunedoara region.
In the meeting at the Ministry of Economy, the focus was on how Romania was working to implement the changes contained within the European Commission’s recently adopted Critical Raw Materials Act in the next two to three months. The meeting also examined how Romania, with its abundance of natural resources and extended border, was being identified as being at the forefront to aid and benefit in the eventual rebuild of Ukraine. The Rovina Valley Project was considered important in this regard.
In the successful engagement with the honourable minister, Mr. Mircea Fechet, Minister of Environment, Water and Forests, a full commitment of support was given to get the Rovina Valley Project into production. Once a follow-up meeting requested by this ministry is concluded, then a meeting with the Prime Minister of Romania was deemed appropriate.
Mr. Grant Sboros Chief Executive Officer of Euro Sun Mining commented, “We are extremely thankful for these fruitful engagements with the honorable ministers, and deeply humbled by the support given. Our talks have highlighted the significant role that our Rovina Valley Project will play in Romania’s economic future, aligned to the demands set out in the European Commission’s Critical Raw Materials Act. The recognition of our ability to support the long-term economic aspirations of Romania, whilst enabling critical mineral security for Europe was also viewed as exciting.”
US$125,000 Promissory Note
Euro Sun is pleased to announce that it has issued a convertible promissory note (the “Note”) to John Robins and James Paterson (the “Lenders”) providing for a principal amount of US$125,000 (the “Principal Amount”) and maturing on February 22, 2025. The Note bears interest at 6% per annum, compounded monthly, and is secured against all of the assets and property of the Company pursuant to a general security agreement. The Principal Amount and all interest accrued thereon is convertible into common shares of the Company (the “Conversion Shares”) at a price of $0.035 per Conversion Share.
Euro Sun intends to use the Principal Amount for funding annual mining license fees for the Rovina Valley Project and for working capital costs in Canada and Romania.
All Conversion Shares issued under the Promissory Note are subject to a hold period of four months and one day from the date of issuance.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
Further information:
For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at [email protected]
Caution regarding forward-looking information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, adoption of the Critical Raw Materials Act, rebuilding of Ukraine, future meetings with the Romanian government, issuance of the Conversion Shares and use of proceeds of the Principal Amount. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company’s website at www.eurosunmining.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
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