Sun Peak Metals closes first tranche of private placement, raising $9.71 million

• Sun Peak Metals closed a first tranche of a non-brokered private placement, raising gross proceeds of $9.71 million.
• Issued 24,273,396 units at $0.40 per unit; each unit includes one common share, one-half warrant.
• Each whole warrant exercises at $0.55 for two years; accelerated expiry if TSXV VWAP reaches $1.10 for 10 sessions.
• Upsized the offering to up to $12 million from $10 million, implying up to 30,000,000 units at $0.40.
• Proceeds earmarked for exploration in Saudi Arabia, Ethiopia, offering costs, general working capital.

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