06:49 AM EDT, 07/26/2024 (MT Newswires) -- Euro Sun Mining ( CPNFF ) on Friday said it has submitted an application to the European Commission for the Rovina Valley project in Romania to be designated as a "strategic project" within the Critical Raw Materials Act.

The designation, if granted, would accelerate the development of the project as a critical supplier of copper within the European Union's supply chain, the company said.

Euro Sun has also completed the conversion of US$725,000 plus interest of promissory notes by issuing to the lenders about 19.8 million of the company's common shares.

The issuance represents an average weighted price of $0.052 per conversion share, an approximately 30% premium over the common shares' closing price.

In connection with the conversion, the lenders have released its security over the property and assets of the company.