Euro Sun Closes First Tranche of Previously Announced Private Placement Financing

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Not for distribution on US NewsWIRE services or for publication in the United States

TORONTO, Nov. 08, 2024 (GLOBE NEWSWIRE) — euro sun mining company, (TSX:ESM) (“Euro Sun“or”a company“) is pleased to announce the closing of the first tranche (“”)First slide”) of the previously announced non-brokered private placement financing for units of the Company (“an offer“). Pursuant to the closing of the first tranche, the Company has issued 9,390,038 units of the Company (each “lonliness“, and “collectively”Units“) at a price of C$0.05 per unit for gross proceeds of C$469,501.90. Each unit consists of one common share in the Company (each “Shared share“) and one common stock purchase warrant (each “noteEach warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of C$0.05 per common share until November 8, 2026.

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In connection with the closing of the first tranche, the Company paid a total of $1,400 in cash commissions and 28,000 broker notes (“Broker guarantees“) to a finder. Each Proxy Warrant will give the holder the right to purchase one common share at a price of $0.05 for a period of 24 months from the closing date of the first tranche.

A member of the Company’s Board of Directors purchased 1,000,000 units under the Offering. A deposit with such person constitutes a “related party transaction” within the meaning of the term Multilateral instrument 61–101 –Protection of minority security holders in private transactions ((Mi 61–101The Company relied on the exemptions from formal evaluation and minority shareholder approval requirements in MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in connection with related party participation in the offering and did not The fair market value (as defined under MI 61-101) of the subject matter of the transaction, nor the fair market value of the consideration, insofar as it relates to related parties, exceeds 25% of the market value of the business (as defined under MI 61-101 more will be included). Details in the Material Change Report to be filed by the Company The Material Change Report will not be filed more than 21 days prior to the closing of the Offering due to the timing of the announcement of the Private Placement and the closing of the Offering.

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Euro Sun intends to use the proceeds from the offering for the development of its Rovina Valley project and for general corporate purposes.

The securities issued under the first tranche are subject to a holding period ending on March 9, 2025.

About Euro Sun Mining Company

Euro Sun Mining is a development stage publicly listed mining company focused on unlocking value through the responsible development of the Rovina Valley Project, one of the largest copper and gold projects in Europe.

More information:

For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com

Caution regarding forward-looking information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the closing of the first tranche, the closing of additional tranches under the offering and the use of proceeds from the offering. 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 company’s general disclosure, which is available under the company’s profile on SEDAR+ at www.sedarplus.ca 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 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 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 undertakes no obligation to update any forward-looking information, except in accordance with applicable securities laws.

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The TSX does not accept responsibility for the adequacy or accuracy of this news release.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, for the account or benefit of U.S. persons. (as that term is defined in Regulation S under the 1933 Act) in the absence of such registration or an applicable exemption from such registration requirements.

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