2023 Event Summary
2023 was an eventful year for Euro Sun Mining (ESM) as we progressed with the permitting requirements and consolidated our financial and strategic position to support the advance of our Rovina Valley Project (RVP). The following timeline prevailed:
ESM announces its intention to complete a non-brokered private placement financing up to 20,000,000 units of the company at a price of C$0.05 per Unit for gross proceeds to the Company of up to approximately C$1 million.
Mr. Scott Moore resigns as member of the board of directors
New court date set aside on the RVP matter regarding the annulment of the environmental authorization. Previous 2 court dates delayed, and a newly revised court date set for 29th September 2023.
ESM is granted the renewal of its Certificate of Urbanisation, for another two years beginning July 2023. The granting of this renewal certificate is a significant milestone in the documentary process that results in a Land Rezoning Plan, after which the Environmental Impact Assessment can be submitted.
ESM enters NSR Royalty Agreement for gross proceeds of $4million
The matter regarding the annulment of the environmental authorization matter finally heard in Cluj-Napoca court. Verdict anticipated within weeks
3rd & 5th October
ESM Settles Convertible Security Funding Agreement with Lind Global Fund II, LP in full. This achievement honoured the commitment made by the Company to Lind and, sets another milestone on the evolution of the Rovina Valley Project (to deliver critical European minerals and Romanian economic development.
In the matter regarding the annulment of the environmental authorization matter, the court ruled that the Environmental Resources Management’s certificate (ERM certificate) issued by The Ministry of Environment was not valid at the time when ESM’s environmental report was submitted for obtaining the Environmental Endorsement.
European Commission reaches political agreement on the critical raw materials act. The Act seeks to increase domestic EU capacities for critical raw materials along the supply chain by identifying strategic projects that would benefit more streamlined, faster and more efficient permitting procedures as well as facilitated access to finance. This developed deemed as positive in the advance of the RVP.
ESM issues debenture for proceeds of US$660000
The Principal Amount will be advanced in two tranches, with the first US$115,000 advanced upon execution of the Debenture and a second US$545,000 advanced by December 15, 2023.
Mr. Grant Sboros, CEO ESM, concludes a series of Romanian Government stakeholder meetings discussing the RVP. The engagements conclude with a positive meeting with the minister of the Romanian Ministry of Economy.