ELMGF - Element 79 Gold Corp Announces Effective Date of Share Consolidation
(TheNewswire)
Vancouver, BC - TheNewswire - November 7, 2023 - Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (" Element 79 Gold ") announces, further to its news release dated November 2,2023, the Company will complete a consolidation of the authorized andissued common shares of the Company (the “Common Shares”),effective at the opening of the markets on November 8th, 2023, on thebasis of a one (1) post-consolidated Common Share for each ten (10)pre-consolidation Common Shares (the “Consolidation”). Nofractional Common Shares will be issued upon the Consolidation. In theevent a holder of Common Shares would otherwise be entitled to receivea fractional Common Share in connection with the Consolidation, thenumber of Common Shares to be received by such shareholder will berounded down to the next whole number if that fractional Common Shareis less than one half (1/2) of a Common Share, and will be rounded upto the next whole number of Common Shares if that fractional CommonShare is equal to or greater than one half (1/2) of a CommonShare.
Effective at the opening of markets on November 8,2023, the Common Shares will commence trading on the CanadianSecurities Exchange on a post-Consolidation basis under the existingticker “ELEM”. The new CUSIP number will be 28619A200 and thenew ISIN number will be CA28619A2002.
Registered shareholders whose holdings are representedby a physical share certificate will be sent a letter of transmittalfrom Odyssey Trust Company, transfer agent to Element79, withinformation related to the exchange of the physical certificate for aDirect Registry System (“DRS”) statement or new physical sharecertificate representing the post-Consolidation holdings of theshareholder. Intermediaries, such as brokerage houses and financialinstitutions, who may hold physical certificates on behalf of abeneficial shareholder will facilitate the transmittal of the CommonShares in those instances, however beneficial positions held throughCDS and DTC will be automatically exchanged on completion of theConsolidation, and subsequent to the effective date. Registeredshareholders whose holdings are represented by a DRS statement willreceive a new, post-Consolidation DRS statement showing the adjustmentto their position.
About Element 79 Gold Corp.
Element79 Gold is a mining company focused on gold andsilver committed to maximizing shareholder value through responsiblemining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing,high-grade gold and silver mine, the Luceroproject located in Arequipa, Peru, with the intent to restartproduction in the near term.
The Company also holds a portfolio of 5 propertiesalong the Battle Mountain trend in Nevada, with the Clover and WestWhistler projects believed to have significant potential for near-termresource development. Three properties in the Battle MountainPortfolio are under contract for sale to Valdo Minerals Ltd., with ananticipated closing date around the end of 2023. The Company hasalso signed an Option Agreement to sell the Maverick Springs project,an advanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completingthis sale on or before March 28, 2024.
For more information about Element 79 Gold Corp.,please visit www.element79.gold .
Contact Information
For corporate matters, pleasecontact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79gold.com
For investor relations inquiries,please contact:
Investor Relations Department
Phone: +1.613.879.9387
E-mail: investors@element79.gold
Neither the Canadian SecuritiesExchange nor the Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Copyright (c) 2023 TheNewswire - All rights reserved.