Sun Peak Doubles Private Placement to $10M on Strong Demand
SUNPF has more than doubled off its 52-week low of $0.122.
Summary
Sun Peak Metals doubled its non-brokered private placement to $10 million from $5 million, citing strong investor demand. The offering now consists of 25 million units at $0.40 each, up from 12.5 million units. Each unit includes one common share and half a warrant; warrants are exercisable at $0.55 for two years, with accelerated expiry if the stock trades at or above $1.10 for ten consecutive days. Proceeds fund exploration in Saudi Arabia and Ethiopia plus working capital. This follows the initial $5 million placement announced September 17, and the upsizing signals robust demand for the company's Arabian-Nubian Shield exploration story.
At the time of this announcement, SUNPF was trading at $0.30 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $48.5M. The 52-week trading range was $0.12 to $0.75. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: ACCESS Newswire.