Euro Sun Announces 2023 Special Meeting of Shareholders Results and Other Corporate Updates

TORONTO, Jan. 31, 2023 (GLOBE NEWSWIRE) --

Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) reports, in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the Management Information Circular dated December 29, 2022 (the “Circular”) for the 2023 Special Meeting of shareholders of the Company (the “Meeting”) were elected as directors of the Company. 35.355% of all of the issued and outstanding shares of the Company were represented at the Meeting.

Detailed results of the vote for the election of directors held at the Meeting on January 31, 2023 in Toronto, Ontario are set out below:

The disinterested shareholders of Company also approved (a) the right of Lind Global Fund II, LP (“Lind”) to exercise warrants and conversion rights under a convertible security funding agreement between Lind and the Corporation (the “CFSA”), notwithstanding that such exercise may result in Lind owning more than 19.9% of the outstanding shares of the Corporation, (b) the issuance of greater than 43,723,878 shares of the Company to Lind, pursuant to the terms of the CFSA and (c) the issuance of up to an aggregate of 8,000,000 common shares of the Company in settlement of debts of up to $2,348,333 owed to certain officers and directors of the Company.

Euro Sun’s board would like to express its gratitude to its shareholders for their continued support.

Management Updates

Following the Meeting, the Company appointed Mr. Kenny Choi as the Corporate Secretary of the Company. Mr. Choi will succeed Mr. Shaun Drake following Mr. Drake’s resignation

Mr. Choi is a corporate lawyer who is corporate secretary and legal consultant to various Canadian publicly-listed companies. He was previously an associate at a large Toronto corporate law firm, where he worked on a variety of corporate and commercial transactions. Mr. Choi studied at Western University, where he obtained a Juris Doctor from the Faculty of Law and an Honours Business Administration degree from the Ivey Business School.

The Company also announces that Mr. Bradley Humphrey has resigned as Vice President, Corporate Development of the Company. The Company thanks Mr. Humphrey for his various contributions to the Company over the past few years.

Suspension of Environmental License

In late 2022, Samax Romania SRL (“Samax”), a wholly-owned subsidiary of the Company, received a notice of action from the Cluj County court regarding an action made by Asociatia Declic against Samax for the suspension of the environmental license held by Sama with respect to the Rovina Valley project (the “Environmental Licence”), followed by an action for annulment in respect of the same Environmental License (together, the “Actions”).

The Cluj County court dismissed the grounds for suspension of the Environmental License. However, on appeal, the Cluj Court of Appeals overturned this verdict and admitted the suspension thereof. The Company will now file evidence with the Cluj County court to respond to the action for annulment of the Environmental Licence, which is pending and will continue to protect its rights and cooperate with the authorities for the development of the Rovina Valley project.

About Euro Sun Mining Inc.

Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.

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, without limitation, statements regarding the CFSA and conversions of debt for equity of the Company by Lind thereunder, the issuance of common shares to settle debt obligations owing to certain directors and officers of the Company and the Actions and the suspension of the Environmental Licence. The Company and its subsidiaries. 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 public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com 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 contained 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 prove to 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 does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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