ELMGF - Element79 Gold Announces Engagement of Marketing Providers and Confirms Shares for Debt Settlement
(TheNewswire)
Vancouver, B.C. - TheNewswire - March 2, 2023 – Element79 Gold Corp(CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold", the"Company") announces that it hasengaged new marketing providers as contracts with its former serviceproviders are completing.
Sidis Holdings Ltd. and GuerrillaCapital
Sidis Holdings Ltd. (“Sidis”) is an onlineadvertising broker providing targeted digital media geared to theEuropean, Chinese and U.S. markets. They select from the leading mediachannels and platforms to offer the best possible reach and engagementrates.
Guerilla Capital Ltd .
Guerilla Capital Ltd. (“GCL”) utilizes Dynamic,High Impact, High Volume messaging across over 50+ investing groups toensure millions of investors are targeted and nurtured daily.
"The joining of Sidis and GCL to our evolvingroster of first-rate providers offers further avenues to communicatewith major market participants in China, Europe and North America, andto amplify the Company's presence on the radar of prominent investorsaround the globe," remarked Mr. Tworek. "Element79 Gold iseager to leverage the multi-faceted capabilities of Sidis and GCL toexpand investor awareness worldwide and accelerate the tempo of ourcorporate development strategy."
Details of the Engagements
GCL has been engaged for an initial term of 3 months ata rate of $10,000 per month, payable in shares of the company pricedat $0.10 for the first two months and the closing price of theCompany’s shares on the 15 th date of the third month and every monththereafter if extensions are agreed to in writing.
Sidis has been engaged for an initial contract term of3 months for $600,000 paid in shares of the company; $300,000 at $0.10and $300,000 in to be paid in shares priced on the closing date 60days after first payment date. Extensions of this contract will bepossible through negotiations and agreement between theparties.
Debt for Shares settlement
The Company has agreed to settle an aggregate of$981,106.86 of indebtedness of the Company with various arm’s lengthand non-arm’s length creditors through the issuance of an aggregateof 9,811,069 common shares ("Debt Shares"). The Debt Sharesare being issued $0.10, as approved by the Canadian SecuritiesExchange ("CSE") on March 1, 2023. This settlementincludes the payments for the first portions of both the Sidis and GCLengagements, settlement of several items of aged accounts payable, anda transfer of shares to Crescita Capital for its continued periodicinvestments in the Company. 5,811,069 of the Debt Shares issuedpursuant to the debt conversion are subjected to a four (4) month holdperiod; 4,000,000 of the shares issued to Crescita Capital will befreely trading per the terms of its Investment and Advisory Agreementwith the Company.
All $ amounts herein are in Canadian dollars unlessotherwise noted.
About Element79 Gold
Element79 Gold is a mining company focused on gold,silver and associated metals. Element79 Gold’s main focus is on twocore properties: developing its previously-producing, high-grade goldand silver mine, the Lucero project located in Arequipa, Peru, withthe intent 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 0.92 g/tAuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date of Oct. 19,2022 (see news release October 20, 2022, available on SEDAR). Theacquisition of the Maverick Springs Project also included a portfolioof 15 properties along the Battle Mountain trend in Nevada, which arenon-core to its primary business focus. In British Columbia, Element79Gold has executed a Letter of Intent and funded a drilling programpursuant to acquire a private company which holds the option to 100%interest of the Snowbird High-Grade Gold Project, which consists of 10mineral claims located in Central British Columbia, approximately 20kmwest of Fort St. James. The Company also has an option to acquire 100%interest in the Dale Property, 90 unpatented mining claims locatedapproximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. TheCompany is analyzing the non-core Nevada projects, The Dale Propertyand Snowbird Property for further merit of exploration, sale orspin-out. For more information about the Company, please visit www.element79.gold
For corporate matters, pleasecontact:
James C. Tworek, Chief Executive Officer
Email: jt@element79gold.com
For investor relations inquiries,please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
Email: investors@element79gold.com
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 plans for its portfolio of mining projects andproperties; the Company’s business strategy; future planningprocesses; exploration activities; the timing and result ofexploration activities; capital projects and exploration activitiesand the possible results thereof; any potential future cash flow andthe timing thereof; acquisition opportunities; the impact ofacquisitions, if any, on the Company. Assumptions may prove to beincorrect and actual results may differ materially from thoseanticipated. Consequently, forward-looking statements cannot beguaranteed. As such, investors are cautioned not to place unduereliance upon forward-looking statements as there can be no assurancethat the plans, assumptions or expectations upon which they are placedwill occur. All statements other than statements of historical factmay be forward?looking statements. Any statements that express orinvolve discussions with respect to predictions, expectations,beliefs, plans, projections, objectives or future events orperformance (often, but not always, using words or phrases such as"seek", "anticipate", "plan","continue", "estimate", "expect","may", "will", "project","predict", "forecast", "potential","target", "intend", "could","might", "should", "believe" and similarexpressions) are not statements of historical fact and may be"forward?looking statements".
Actual results may vary from forward-lookingstatements. Forward-looking statements are subject to known andunknown risks, uncertainties and other factors that may cause actualresults to materially differ from those expressed or implied by suchforward-looking statements, including but not limited to: the durationand effects of the coronavirus and COVID-19; risks related to theintegration of acquisitions; actual results of exploration activities;conclusions of economic evaluations; changes in project parameters asplans continue to be refined; commodity prices; variations in orereserves, grade or recovery rates; actual performance of plant,equipment or processes relative to specifications and expectations;accidents; labour relations; relations with local communities; changesin national or local governments; changes in applicable legislation orapplication thereof; delays in obtaining approvals or financing or inthe completion of development or construction activities; exchangerate fluctuations; requirements for additional capital; governmentregulation; environmental risks; reclamation expenses; outcomes ofpending litigation; limitations on insurance coverage as well as thosefactors discussed in the Company’s other public disclosuredocuments, available on www.sedar.com . Although theCompany has attempted to identify important factors that could causeactual results to differ materially from those contained inforward-looking statements, there may be other factors that causeresults not to be as anticipated, estimated or intended. The Companybelieves that the expectations reflected in these forward?lookingstatements are reasonable, but no assurance can be given that theseexpectations will prove to be correct and such forward?lookingstatements included herein should not be unduly relied upon. Thesestatements speak only as of the date hereof. The Company does notintend, and does not assume any obligation, toupdate these forward-looking statements, except as required byapplicable laws.
Source: Element79 Gold
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