ELMGF - Element 79 Gold Corp Announces Proposed Share Consolidation
(TheNewswire)
VANCOUVER, BC – TheNewswire - November 2, 2023 – Element 79 Gold Corp.(CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold" ) announcesthat its board of directors has approved a consolidation (the“Consolidation”) of the common shares in the capital of theCompany (the “Common Shares”) at a ratio of 10 pre-ConsolidationCommon Shares (the “Existing Shares”) for one post-ConsolidationCommon Share (the “Consolidated Shares”). The Share Consolidationremains subject to the approval of the Canadian Securities Exchange(the "CSE"). The Company will issue a news release uponreceiving CSE approval, announcing the effective date of the ShareConsolidation. The Consolidated Shares will subsequently begin tradingon a consolidated basis under the existing Company name and tradingsymbol.
As a result of the Consolidation, each 10 ExistingShares outstanding will automatically combine into one ConsolidatedShare without any action on the part of the holders, and the number ofoutstanding Common Shares will be reduced from approximately131,394,391 Common Shares to approximately 13,139,439 Common Shares.The Consolidation will also apply to Common Shares issuable upon theexercise of the Company’s outstanding stock options and warrants. No fractional shares will be issued as a result of theConsolidation. In the event a shareholder would otherwise be entitledto receive a fractional share from the Consolidation, the number ofConsolidated Shares to be received by such shareholder shall berounded down to the next highest whole number of Consolidated Shares.
The Company will take the required steps to amend theexercise prices of the Company's issued and outstanding share purchasewarrants and incentive share purchase options post consolidation inorder to maintain the incentive for the respective holders
Mr. Tworek, CEO and Director of Element79 Gold Corp.,stated, “The Board of Directors considered this consolidationcarefully and believes that the proposed Consolidation will betterposition the Company to attract additional institutional investorsinto the Company. There is no name change in conjunction with theConsolidation, and the Company's trading symbol will remain the same.On final approval from the CSE, the Company expects itspost-Consolidation Common Shares to commence trading on a consolidatedbasis at the open of markets on November 8, 2023.
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 Lucero project located inArequipa, Peru, with the intent to restart production in the nearterm.
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.
In British Columbia, Element79 Gold has executed aLetter of Intent and funded a drilling program to acquire a privatecompany that holds the option to 100% interest of the SnowbirdHigh-Grade Gold Project, which consists of 10 mineral claims locatedin Central British Columbia, approximately 20km west of Fort St.James.
The Company has an option to acquire a 100% interest inthe Dale Property, 90 unpatented mining claims located approximately100 km southwest of Timmins, Ontario, and has recently announced thatit has transferred this project to its wholly-owned subsidiary,Synergy Metals Corp, and is advancing through the Plan of Arrangementspin-out process through the rest of 2023.
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
Cautionary Note Regarding ForwardLooking Statements
This press contains "forward?lookinginformation" and "forward-looking statements" underapplicable securities laws (collectively, "forward?lookingstatements"). These statements relate to future events or theCompany's future performance, business prospects or opportunities thatare based on forecasts of future results, estimates of amounts not yetdeterminable and assumptions of management made in light ofmanagement's experience and perception of historical trends, currentconditions and expected future developments. Forward-lookingstatements include, but are not limited to, statements with respectto: the Company's business strategy; future planning processes;exploration activities; the timing and result of explorationactivities; capital projects and exploration activities and thepossible results thereof; acquisition opportunities; the impact ofacquisitions, if any, on the Company; and in relation to theTransaction. Assumptions may prove to be incorrect and actual resultsmay differ materially from those anticipated. The Transaction may notbe completed as anticipated or at all. Consequently, forward-lookingstatements cannot be guaranteed. As such, investors are cautioned notto place undue reliance upon forward-looking statements as there canbe no assurance that the plans, assumptions or expectations upon whichthey are placed will occur. The Company believes that the expectationsreflected in these forward?looking statements are reasonable, but noassurance can be given that these expectations will prove to becorrect and such forward?looking statements included herein shouldnot be unduly relied upon. These statements speak only as of the datehereof. The Company does not intend, and does not assume anyobligation, to update these forward-looking statements, except asrequired by applicable laws.
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.
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