TORONTO,
Jan. 16, 2013 /CNW Telbec/ - Sunset
Cove Mining Inc. (TSXV: SSM) (BVL: SSM) ("SUNSET COVE" or the
"Corporation"), announces that it will be proceeding with a
non-brokered private placement of up to $1,000,000 comprised of up to 14,285,714 units at
a price of $0.07 per unit (the
"Units").
Each Unit consists of one (1) common share
("Share") and one common share purchase warrant
("Warrant"). Each Warrant provides the holder with the right
to purchase one (1) additional Share for $0.09 per Share. The Warrants expire eighteen
(18) months from the closing and are subject to an "Acceleration
Right" in favor of the Corporation. Should the shares of the
Company close at $0.12 or higher for
five (5) consecutive days, the expiry of the Warrants will
accelerate and expiry will be twenty (20) days from issuance of a
news release by the Corporation announcing the trigger of the
Acceleration Right.
"With a first closing anticipated with a group
of high net worth investors in Lima, Sunset is growing its shareholder base
in Peru," said Lorne Woods President and CEO.
A finder's fee to established will be paid to
certain arm's length parties. The Finder Warrants expire eighteen
(18) months from the closing. The Finder's Warrants are not
subject to the Acceleration Right.
The capital raised will be used for general
working capital for the Corporation's operations in Peru and Canada. One or more closings may occur up
to January 31, 2013, or at such other
date which may be agreed upon and subject to the approval of the
TSX Venture Exchange.
Forward-Looking Statements
Some of the statements contained herein may be
forward-looking statements that involve known and unknown risks and
uncertainties. Results presented in this press release are
exploratory in nature. Historical data, if mentioned, should not be
relied upon, as they are not admissible under NI 43-101 rules and
the Company has not conducted sufficient testing to verify this
type of information. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward-looking
statements that involve various degrees of risk. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such
forward-looking statements: changes in the world-wide price of
mineral commodities, general market conditions, risks inherent in
mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability, and the uncertainty of access to additional capital.
Sunset Cove disclaims any
obligation to update any such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE SUNSET COVE MINING
INC.