SNR:CC - 79 Resources Ltd. Announces Financing and Provides Corporate Update
(TheNewswire)
Vancouver, British Columbia / TheNewswire / March 13, 2024 – 79 Resources Ltd. (CSE: SNR)(“ 79Resources ” or the " Corporation " orthe “ Issuer ”) reports that it intends to conducta non-brokered private placement to raise capital and it is providinga corporate update.
Financing
The Corporation reports that it intends to conduct anon-brokered common share unit financing (the " Financing ")consisting of up to 1,000,000 common share units (the “ Units ”) to beissued at a price of $0.02 per Unit.
Each Unit will consist of one common share of theCorporation and one common share purchase warrant (a “ Warrant ”) thatentitles the holder of a Warrant, upon further payment to theCorporation, to acquire one additional common share of the Corporation(a " WarrantShare ") at an exercise price of $0.05 perWarrant Share on any date prior to the date which is 60 monthsfollowing the closing date of the Financing or tranchethereunder.
The Corporation intends to use the proceeds of theFinancing for working capital purposes and, if closed upon, for thepurchase of mining claims set forth below.
The Corporation may pay a 6% cash finder’s fee oncertain subscriptions under the Financing, if applicable.
Insiders (as that term is defined by securities laws)may participate for 25% or more of the Financing in effort to supportthe financial position of the Corporation.
The Financing is subject to all applicable regulatoryapprovals as well as a customary four-month hold period on securitiesissued, all as pursuant to applicable securities laws ofCanada.
Corporate Update – MiningClaims
The Corporation reports that it intends to purchase twoseparate sets of mining claims which, if both are closed upon, have anaggregate purchase cost of $18,211.31 (further detailed below),alongside royalty assumption.
Corvette Lake Lithium Project (Quebec)
The Corporation intends toacquire 104 mining claims (totalling approximately 5,200 ha), pursuantto a purchase agreement with Calgary-based Phoenix Mining Corp. (anentity owned by Ryan Kalt (a person related to the Issuer)) wherebythe Corporation shall pay$17,340 to Phoenix Mining Corp., such $17,340 being equal to Crownfees remitted to the Government of Quebec in issuance of theaforementioned 104 mining claims, and such amount due to PhoenixMining Corp. on or before April 15, 2024 in order to close upon thepurchase. Upon closing, a pre-existing two percent gross royalty onthe claims would be assumed by the Corporation .
Edison Copper and Precious Stone Project(Saskatchewan)
The Corporation intends toacquire 2 mining claims (MC00017255 and MC00017256 totallingapproximately 1,452 ha), pursuant to a purchase agreement with PhoenixMining Corp. (an entity owned by Ryan Kalt (aperson related to the Issuer)) whereby the Corporation shall pay $871.31 toPhoenix Mining Corp., such $871.31 being equal to Crown fees remittedto the Government of Saskatchewan in issuance of the aforementioned 2mining claims and such amount due to Phoenix Mining Corp. on or beforeApril 15, 2024 in order to close upon the purchase. Upon closing, apre-existing two percent gross royalty on the claims would be assumedby the Corporation .
About 79 Resources Ltd.(CSE:SNR)
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.
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 thematters related to the Financing, such as the number of Units issued,if any, and the closing, if any, of the Financing, as well as theclosing, if any, of the mining claims identified herein as theCorvette Lake Lithium Project and/or the Edison Copper and PreciousStone Project, respectively, either independently or together. Actualresults 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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