ELEM:CC - Element79 Announces Stock Option Grant Provides Financial Update
(TheNewswire)
Vancouver, B C - The N ewswire - July 20, 2023- Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF)(FSE:7YS) (" Element 79 Gold ", the " Company ") announces that it has grantedincentive stock options to Certain Directors, Officer and consultantsof the Company to purchase an aggregate of 2,875,000 common sharesof the Company at an exercise price of $0.05 per common share expiringthree years from the date of grant. The stock options are granted inaccordance with the Company’s Stock Option Plan, which was approvedby the shareholders at the Company’s annual general meeting on June22, 2022, and the policies of the Canadian Securities Exchange.
Cancellation of Previously AnnouncedConvertible Debenture
The Company further announces that due to marketconditions it will not be proceeding with its previously announcedplacement for the issuance of convertible debentures as announced May5, 2023. The Company continues to have financing discussions withseveral parties regarding equity and/or debt capitalization, streamingfinancing options, project sales and alternative financingarrangements for its portfolio of projects with a priority ofadvancing Lucero, Maverick Springs, and two projects from its BattleMountain portfolio, Clover and West Whistler.
Further Strengthening the BalanceSheet Through Shares for Debt Agreements
As a final financial update, the Company intends tofurther strengthen its Balance Sheet by entering debt settlementagreements with several creditors, settling $106,250 of corporatedebts with 2,125,000 Shares priced at $0.05.
About Element79 Gold
Element79 Gold is a mining company focused on gold,silver and associated metals and committed to maximizing shareholdervalue through responsible mining practices and sustainable developmentof its projects. Element79 Gold's main focus is on two coreproperties: developing its previously-producing, high-grade gold andsilver mine, the Lucero project located in Arequipa, Peru, with theintent to bring it back into production in the near term; and itsflagship Maverick Springs Project located in the famous gold miningdistrict of northeastern Nevada, USA, between the Elko and White PineCounties. Maverick Springs hosts a 43-101-compliant, pit-constrainedmineral resource estimate reflecting an inferred resource of 3.71million ounces of gold equivalent "AuEq" at a grade of 0.92g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date ofOctober 19, 2022. The acquisition of the Maverick Springs Project alsoincluded a portfolio of 15 properties along the Battle Mountain trendin Nevada, which are non-core to its primary business focus. InBritish Columbia, Element79 Gold has executed a Letter of Intent andfunded a drilling program to acquire a private company that holds theoption to 100% interest of the Snowbird High-Grade Gold Project, whichconsists of 10 mineral claims located in Central British Columbia,approximately 20km west of Fort St. James.
The Company also has an option to acquire a 100%interest in the Dale Property, 90 unpatented mining claims locatedapproximately 100 km southwest of Timmins, Ontario, and has recentlyannounced that it has transferred this project to its wholly-ownedsubsidiary, Synergy Metals Corp, and is advancing through the Plan ofArrangement spin-out process through the rest of 2023. The Companycontinues to negotiate the sale of its non-core Battle Mountainprojects and the Snowbird Property.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporatematters, please contact:
James C. Tworek, Chief Executive Officer E-mail: jt@element79.gold
For investorrelations 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.