12:09 PM EDT, 07/26/2024 (MT Newswires) -- Euro Sun Mining ( CPNFF ) on Friday said it 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.

Euro Sun' shares were last seen up $0.005 to $0.045 on the Toronto Stock Exchange.