SNR:CC - 79 Resources Ltd. Announces Financing
(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 16, 2024 – 79 Resources Ltd. - ( CSE:SNR ) -(“ 79 Resources ” or the " Corporation " or the “ Issuer ”) reportsthat it intends to seek capital by way of a non-brokered financingdescribed herein.
Common Share Unit Financing
The Corporation intends to conduct a non-brokeredcommon share unit financing (the " Financing ")consisting of up to 2,000,000 common share units (the “ Units ”) to beissued at a price of $0.05 per Unit.
Each Unit shall consist of one common share of theCorporation (a " UnitShare ") and one common share purchasewarrant (a “ Warrant ”) that entitles the holder of aWarrant, upon further payment to the Corporation, to acquire oneadditional common share of the Corporation (a " Warrant Share ")at an exercise price of $0.05 per Warrant Share on any date prior tothe date which is 60 months following the closing date of theFinancing, or tranche thereunder.
79 Resources plans to use the proceeds of the Financingfor working capital purposes.
Additional ImportantInformation
To the extent there is a successful closing of theFinancing or tranche thereof, 79 Resources may pay a 6% cashfinder’s fee on certain subscriptions under the Financing, whichexcludes cash finder’s fees on subscriptions by Insiders (as thatterm is defined by securities laws) who may in turn participate forgreater than 25% of the Financing.
If completed, either in part or in whole, the Financingwill be subject to all applicable regulatory approvals and customaryfour-month hold periods on securities issued thereunder (as pursuantto applicable securities laws of Canada).
The Corporation requires working capital to remain agoing-concern (see also “Risks and Uncertainties” sections of theCorporation’s financial reports available on SEDAR+)
Without limitation, in the absence of securing bothimmediate as well as future capital of material amount, theCorporation, by reference to its current early-stage, non-revenueproducing state, anticipates that it may not be able to remain agoing-concern and/or to be able to sustain or rationalize a publiclisting (see also “Risks and Uncertainties” sections of theCorporation’s financial reports available on SEDAR+).
The Corporation cautions that there is no assurancethat it will be able to source funds and/or complete the Financing, inpart or in whole.
About 79 Resources Ltd.
79 Resources is a Vancouver-based junior miningexploration company. Traded on the Canadian Securities Exchange underthe symbol SNR, the Corporation seeks to acquire, explore and developmineral exploration projects. 79 Resourcescurrently holds the Five Point Copper-Gold Project in British Columbiaand the North Preston Uranium Project in Saskatchewan. For additionalinformation, please visit www.79resources.com.
The Corporation is subject to various risks anduncertainties, including those risks and uncertainties set out inpublic filings made by the Issuer, such public filings and otherimportant disclosures available through SEDAR+ (www.sedarplus.ca) andthe Corporation’s Disclosure Hall on the CSE(https://thecse.com/listings/79-resources-ltd/#disclosure).
On Behalf of the Board ofDirectors
Ryan Kalt
Chairman & Chief Executive Officer
Email: info@79resources.com
Tel: 604.687.2038
Forward-Looking Statements
This news release contains forward-looking statementswithin the meaning of Canadian securities laws. Some of theforward-looking statements can be identified by the use offorward-looking words. Statements that are not historical in nature,including the words "anticipate," "expect,""suggest," "plan," "believe,""intend,", “intention” "estimate,""target," "project," "should,""could," "would," "may,""will," "forecast" and other similar expressionsare intended to identify forward-looking statements. Forward-lookingstatements address future events and conditions and therefore involveinherent risks and uncertainties, including but not limited to thenumber of Units issued, if any, under the Financing and the closing,if any, of the Financing, as well as the Corporation’s ability tosustain itself as a going-concern and/or a publicly listed entity.Actual results may differ materially from those currently expected orforecast in such statements.
Neither the CSEnor its Regulation Services Provider (as that term is defined in thepolicies of the CSE Exchange) accepts responsibility for the adequacyor accuracy of this release.
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