Southern Sun Minerals Inc. Closes Private Placement
101 – 2148 West 38th Ave.
Vancouver, BC, Canada, V5M 1R9 Toll Free: 1.800. 667. 1870 Main: + 1.604.685. 1870 Fax: + 1.604.685. 8045
NEWS RELEASE SOUTHERN SUN MINERALS INC. CLOSES PRIVATE PLACEMENT
October 28, 2015 – Vancouver, British Columbia SOUTHERN SUN MINERALS INC. (“SOUTHERN SUN”) (TSX.V: SSI), announces that it has closed its non‐brokered private placement for gross proceeds of $225,000.
The Company issued 15,000,000 units at a price of $0.015 per unit pursuant to a discretionary waiver obtained from the TSX Venture Exchange on October 22, 2015 from the $0.05 per share minimum pricing requirements. Each unit consists of one common share and one non‐transferrable share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.05 per share for a period of 24 months from closing.
Finder’s fees in the amount of $3,000 and the issuance 1,300,000 units on the same terms as the placement units were paid in connection with the private placement.
The private placement and the finder’s fees payable are subject to regulatory acceptance. All securities issued in connection with the private placement are subject to a four month and a day hold period expiring on February 29, 2016.
The proceeds of the private placement will be used for exploration and development of its Galleon Project located in Alaska, general working capital and payments to related parties in the amount of $17,605.
On Behalf of the Board of Directors
Harry Barr Chairman & CEO
Neither the 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.
Cautionary Note Regarding Forward Looking Statements Note: This release contains forward‐looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward‐looking statements. In addition, forward‐looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward‐looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward‐looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward‐looking statements.