Sunridge Gold announces the engagement of Endeavour Financial International Corporation (“Endeavour”) on an exclusive basis to provide financial advisory services with respect to its debt financing requirements for the development of the Asmara Project, Eritrea.
The feasibility study at Debarwa copper-gold-zinc deposit is now substantially past the halfway point of completion and the prefeasibility study on the Asmara North copper-zinc-gold projects is also well advanced. The Company is therefore now at a point of making some fundamental decisions about how these projects should proceed towards mining. Endeavour’s technical and financial advice on these different development options at this stage will be important to Sunridge.
Endeavour provided advice and assistance to Nevsun Resources Ltd. in its evaluation of the Bisha Project, a large precious and base metal rich deposit which is now in production 150 kilometers west of Asmara, Eritrea.
Upon receipt of TSX Venture Exchange (“TSXV”) acceptance, the Company will issue to Endeavour 1,000,000 share purchase warrants exercisable at a price of $1.00 for three years to vest one-third every six months from the date of the TSXV approval. Endeavour will be paid a monthly work fee during the term of the engagement, milestone fees in certain circumstances and a financing success fee on the closing of any debt financing provided to Sunridge.