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Sun Metals raising C$6.2M for exploration in upsized bought deal offering

Sun Metals Corp. increased a bought deal private placement to about C$6.2 million from C$4 million, with proceeds earmarked for exploration and closing expected by Oct. 30.

The company said Oct. 9 that the offering will consist of 14,400,000 flow-through shares at 25 cents apiece and 8,100,000 premium flow-through shares that can be gifted or sold by the initial subscriber at 31.5 cents apiece.

Sprott Capital Partners LP leads a syndicate of underwriters that includes Cormark Securities Inc., Haywood Securities Inc. and PI Financial Corp.

Sun Metals is focused on advancing the Stardust copper project in British Columbia, which it acquired through its April takeover of Lorraine Copper Corp.

In September, the company outlined plans to expand a winter drill program at Stardust, after recent step-out drilling at the project returned a highlight of 142.4 meters grading 2.4% copper equivalent, comprising 1.22% copper, 1.28 g/t gold, 21.8 g/t silver and 0.41% zinc.