TSX-V-listed Sun Metals has entered into an agreement with PearTree Securities to raise up to C$5.16-million to fund exploration at its Stardust project, in British Columbia.
PearTree, as agent for purchasers, has agreed to subscribe for up to 12.5-million flow-through common shares in Sun Metal at a price of C$0.413 a share.
The offering is expected to close by December 20.
Sun Metals has an option to earn a 100% interest in the Stardust polymetallic project. The company last month reported some exploration results and said that it had intersected 100 m, grading 2.51% copper, 3.03 g/t gold and 52.5 g/t silver for a 4.99% copper equivalent.