Sun Peak Metals Launches $5 Million Private Placement

Sun Peak Metals Corp., a company listed on TSXV and OTCQB, has announced a private placement offering of subscription receipts to raise up to $5 million. The offering aims to support a business combination with Saudi Discovery Company SPV Limited. This announcement follows a previous, related transaction initiative.

The net proceeds will be allocated for advancing company properties, as well as general corporate purposes. The subscription receipts will convert to shares and warrants upon meeting specific escrow conditions. Conditions include transaction completion and requisite approvals. If these conditions aren't met, funds will be returned to investors.

Sun Peak intends to amalgamate with a subsidiary, and eventually, with Saudi Discovery, under the name Sun Peak Metals Corp. Warrants issued with shares will have specific terms, including a provision for accelerated expiry if certain share price conditions are met. Potential finder's fees may apply depending on applicable regulations.