Toronto-based junior Euro Sun Mining's (TSX: ESM) stock jumped over 20% on Tuesday after the company announced a non-brokered private placement financing of up to 10m units for gross proceeds of up to C$3 million.
Each warrant will entitle the holder to acquire one additional common share of the company at an exercise price of C$0.50 for a period of 24 months from issuance.
The Rovina Valley Project covers 27.7 square kms in west-central Romania, about 300 km northwest of the capital city of Bucharest. The historic mining district known as the "Golden Quadrilateral," is one of the largest gold-producing areas in Europe, where it is estimated that more that 55 million oz of gold have been produced since the Roman period.
The measured and indicated mineral resources are 10.8 million ounces of gold equivalent. In addition to key permitting activities, the company is completing an optimized mine plan which will form the basis of a new PEA, expected to be completed by the end of Q1 2019.
Late afternoon Tuesday, Euro Sun's shares were trading at C$.30 on the TSE.