SNR:CC - 79 Resources Ltd. Closes Previously Announced Financing
(TheNewswire)
NOT FOR DISSEMINATION IN THE UNITEDSTATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Vancouver, British Columbia, April30, 2024 – TheNewswire – 79 Resources Ltd. - CSE:SNR -(“ 79Resources ” or the " Corporation " orthe “ Issuer ”) is pleased to report that it has closed a non-brokeredcommon share unit financing (the "Unit Financing") by way ofthe issuance of 1,800,000 (the “Units”) at a price of $0.05 perUnit. Each Unit consisted of one common share of the Corporation (a“Unit Share”) and one common share purchase warrant (a“Warrant”) that entitles the holder of a Warrant, upon furtherpayment to the Corporation, to acquire one additional common share ofthe Corporation (a “Warrant Share”) at an exercise price of $0.05per Warrant Share on any date prior to the date which is 60 monthsfollowing the closing date of the Unit Financing (see also newsrelease, 79 Resources Ltd. Announces Financing, dated April 16,2024).
Closing of the Unit Financing occurred today, April 30,2024.
The Units issued under the Unit Financing remainsubject to final regulatory approval and shall be subject to afour-month and a day hold period pursuant to applicable securitieslaws of Canada.
There were no finder’s fees paid by the Corporationin the Unit Financing.
Following completion of the Unit Financing, theCorporation has 22,236,400 common shares issued andoutstanding.
MI 61-101 Disclosure
One insider of the Corporation participated in the UnitFinancing for an aggregate total of $90,000 in Units. Theparticipation by such insider is considered a “related-partytransaction” within the meaning of Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions (“MI61-101”). The Corporation has relied on exemptions from the formalvaluation and minority shareholder approval requirements of MI 61-101contained in 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as nosecurities of the Corporation are listed or quoted on the TorontoStock Exchange, Aequitas NEO Exchange Inc., the New York StockExchange, the American Stock Exchange, the NASDAQ Stock Market, or astock exchange outside of Canada and neither the fair market value ofthe Units to be acquired by the participating insider nor theconsideration to be paid by such insider exceeds $2,500,000. TheCorporation did not file a material change report more than 21 daysbefore the expected closing of the Unit Financing as the details ofthe participation therein by related parties of the Corporation werenot settled until shortly prior to closing ofthe Unit Financing and the Corporation wished to close on an expeditedbasis for sound business reasons.
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 Resources currently holds the FivePoint Copper-Gold Project in British Columbia and the North PrestonUranium Project in Saskatchewan. For additional information, pleasevisit www.79resources.com.
The Corporation is subject to various risks anduncertainties, including those risks and uncertainties set out inpublic filings made by the Corporation, such public filings availablethrough SEDAR+ (www.sedarplus.ca), as well as through theCorporation’s Disclosure Hall located on the CSE website(https://thecse.com/listings/79-resources-ltd/#disclosure).
On Behalf of the Board ofDirectors
Nicholas Koo
Chief Financial 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 Unit Financing, such as any final regulatoryapprovals required and therein the ability of the Corporation tosuccessfully complete the Unit Financing. Actual results may differmaterially from those currently expected or forecast in suchstatements.
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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