Sun Peak closes first tranche as private placement increases to up to $12,000,000
Sun Peak Metals has closed the first tranche of its non-brokered private placement and increased the offering’s maximum size to $12,000,000, subject to regulatory approvals.
Sun Peak Metals Corp. (TSXV:PEAK; OTCQB:SUNPF) has closed the first tranche of its non-brokered private placement and raised the maximum size of the offering to $12,000,000. The first tranche closed on October 5, 2026, while the broader offering remains subject to required regulatory and other approvals, including approval from the TSX Venture Exchange.
The first tranche generated gross proceeds of $9,709,358 through the issue of 24,273,396 Units priced at $0.40 per Unit.
Each Unit contains one common share and one-half of one common share purchase warrant. Each whole Warrant allows its holder to acquire one additional common share at $0.55 per Warrant Share for 2 years from the closing of the Offering.
The Warrants include an accelerated expiry provision. If the volume-weighted average price of Sun Peak’s common shares on the TSX Venture Exchange equals or exceeds $1.10 for ten (10) consecutive trading days, the Warrants will expire thirty (30) days after the Company either gives holders an acceleration notice or publishes a news release announcing the acceleration. Sun Peak may choose either method.
Sun Peak said it increased the offering because of additional strong investor demand. The amended terms provide for up to 30,000,000 Units at $0.40 per Unit, representing gross proceeds of up to $12,000,000. This is an increase of $2,000,000 from the previously announced maximum of $10,000,000.
The company said net proceeds from the Offering are intended for exploration work on its projects in the Kingdom of Saudi Arabia and Ethiopia, the costs of the Offering and general working capital.
In connection with the first-tranche closing, Sun Peak paid $103,440 in cash finder’s fees. It also issued 708,203 non-transferable Finder’s Warrants and 449,603 Finder’s Units to arm’s-length finders.
Each Finder’s Warrant can be exercised to acquire one common share at $0.55 per Common Share for two-years from the closing of the applicable tranche. Finder’s Units carry the same terms as the Units issued to subscribers. Finder’s fees may also be payable in connection with later tranches and will be disclosed if applicable.
Securities issued under the Offering will be subject to a four-month and one-day hold period under applicable securities laws. The Offering carries further conditions, including receipt of all necessary regulatory and other approvals, including approval of the TSXV.
The securities have not been and will not be registered under the United States Securities Act of 1933 or applicable state securities laws. They may not be offered or sold within the United States, or to or for the account or benefit of U.S. persons, unless registration or an available exemption applies. The announcement does not constitute an offer to sell securities or a solicitation of an offer to buy them.
Sun Peak’s exploration portfolio is located within the Arabian-Nubian Shield. In the Kingdom of Saudi Arabia, the company holds 13 exploration licences totalling 1,072 km² and has applications pending for two additional licences covering approximately 200 km².
In Ethiopia, the Shire Project comprises six exploration licences covering approximately 1,450 km². The company says its exploration strategy is focused on advancing projects from regional target identification through drill testing.
Sun Peak closed the first tranche of its private placement on October 5, 2026, raising gross proceeds of $9,709,358.
The first tranche involved 24,273,396 Units issued at $0.40 per Unit.
The maximum size of the Offering has increased to $12,000,000 from $10,000,000.
Net proceeds are intended for exploration in the Kingdom of Saudi Arabia and Ethiopia, Offering costs and general working capital.
The Offering remains subject to required regulatory and other approvals, including approval of the TSXV, and the securities carry a four-month and one-day hold period.
Sun Peak Metals Corp. announced that it had closed the first tranche of its non-brokered private placement and increased the offering to gross proceeds of up to $12,000,000. The amended offering consists of up to 30,000,000 Units at $0.40 per Unit, subject to stated conditions including regulatory and TSXV approval.
Sun Peak Metals Corp. closed the first tranche on October 5, 2026. The announcement was published on October 6, 2026, and relates to the offering previously announced on September 17, 2026, and September 23, 2026.
Sun Peak Metals Corp. reported gross proceeds of $9,709,358 from the first tranche. A total of 24,273,396 Units were issued at a price of $0.40 per Unit.
Sun Peak Metals Corp. increased the offering to gross proceeds of up to $12,000,000, an increase of $2,000,000 from the previously announced gross proceeds of up to $10,000,000. The amended terms provide for the issuance of up to 30,000,000 Units at $0.40 per Unit.
Each Sun Peak Metals Corp. Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles its holder to purchase one common share at $0.55 per Warrant Share for a period of 2 years from closing of the Offering.
Yes. If the volume-weighted average price of Sun Peak Metals Corp.'s common shares on the TSX Venture Exchange equals or exceeds $1.10 for ten (10) consecutive trading days, the warrants will expire thirty (30) days after the Company provides notice of acceleration to holders or issues a news release announcing the acceleration, at the Company's election.
Sun Peak Metals Corp. said the net proceeds will be used for exploration on its projects in the Kingdom of Saudi Arabia and Ethiopia, the costs of the Offering and general working capital.
Sun Peak Metals Corp. paid cash finder's fees of $103,440, issued 708,203 non-transferable finder's warrants and issued 449,603 Finder's Units to arm's-length finders. Each Finder's Warrant is exercisable at $0.55 per Common Share for a period of two-years from the closing of the applicable tranche, while each Finder's Unit has the same terms as the Units issued to subscribers.
The securities issued in connection with the Offering will be subject to a four-month and one-day hold period under applicable securities laws. The Offering is also subject to conditions including receipt of all necessary regulatory and other approvals, including approval of the TSXV.
Sun Peak Metals Corp. is listed on the TSX Venture Exchange under the ticker symbol TSXV:PEAK and on the OTCQB under the ticker symbol OTCQB:SUNPF.
Sun Peak Metals Corp. operates an exploration portfolio in the Arabian-Nubian Shield, with projects in the Kingdom of Saudi Arabia and Ethiopia. Its stated exploration strategy is to advance projects from regional target identification through drill testing.
In the Kingdom of Saudi Arabia, Sun Peak Metals Corp. holds 13 exploration licences totalling 1,072 km², with applications pending for two additional exploration licences covering approximately 200 km². In Ethiopia, its Shire Project comprises six exploration licences covering approximately 1,450 km².
Sun Peak Metals Corp. said finder’s fees may be payable in connection with subsequent tranches and will be disclosed if applicable. The Offering also remains subject to the stated regulatory and other approvals, including approval of the TSXV; the company identified the closing of subsequent tranches and receipt of approvals as forward-looking matters.