Sun Summit Minerals Corp. has closed its non-brokered private placement, raising aggregate gross proceeds of $4,000,000 through the issuance of a mix of charity flow-through and non-flow-through common shares to fund ongoing exploration in British Columbia.

The financing involved the issuance of 20,689,656 charity flow-through common shares at a price of $0.145 per share and 10,000,000 non-flow-through common shares at a price of $0.10 per share.

Sun Summit intends to direct the gross proceeds toward exploration across its JD, Theory and Buck properties in British Columbia, alongside other Canadian assets the company may acquire. Proceeds from the charity flow-through shares will be specifically allocated to eligible Canadian exploration expenses that qualify as flow-through mining expenditures under federal and provincial tax legislation.

In connection with the placement, Sun Summit paid aggregate finder's fees of $110,850, which included $50,700 settled through the issuance of 507,000 non-flow-through shares. The company also issued 1,108,500 non-transferable finder warrants to arm's length finders. These comprise 925,500 warrants tied to the charity flow-through shares exercisable at $0.145 each and 183,000 warrants tied to the non-flow-through shares exercisable at $0.10 each, with all finder warrants valid until August 26, 2028.

All securities issued under the financing are subject to a statutory hold period expiring on December 27, 2026, and the transaction remains subject to the final approval of the TSX Venture Exchange.

Alongside the financing, Sun Summit granted 11,250,000 stock options to directors, officers and consultants. Each option allows the holder to acquire one common share at an exercise price of $0.15 for a five-year period, subject to regulatory approval.

Sun Summit plans to deliver an initial maiden mineral resource estimate for its flagship JD Project in the first quarter of 2027. At the Theory Project, the company plans to complete up to 22 line-kilometers of induced polarization geophysical surveys over the Bev and Saboteur zones ahead of potential drill testing in 2027. Additionally, Sun Summit and Eagle Plains are scheduled to form a definitive joint venture by December 31, 2026, for the Orbit Project.

Read the full announcement: Sun Summit Announces Closing of $4 Million Non-Brokered Private Placement