ELMGF - Element79 Gold Corp Announces Closing of Oversubscribed First Tranche of Private Placement
(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 12, 2024 - Further to the Corporation’s previous Financingannouncement released on July 3, 2024, Element79 Gold Corp (the"Company") (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) is pleased to announce the successful completion of itsfirst tranche of its placement for $288,815 of funding through itsNon-Brokered Private placement. This tranche of closing will see theCompany issue a total of 1,255,717 Units for this tranche.
The Placement consists of Units of the Company (each a“Unit”) at a purchase price of $0.23 per Unit. Each Unit will becomprised of one common share of the Company (a “Common Share”)and one common share purchase warrant (each a “Warrant”). EachWarrant will be exercisable for one Common Share at a price of $0.35per Common Share for four (4) years from the date of issuance. Allsecurities issued for the placement will be subject to a four monthand one day hold from the date of issue, keeping with CSEregulations.
The warrants are subject to an acceleration clausewhereby should the shares of the Company trade at or above $0.40 pershare on the North American stock exchange on which it is then listedfor ten consecutive trading days (after the date that is four monthsand one day from the closing of the Offering) the warrants may beaccelerated.
Element79 shall continue to seek funds, anticipatingclosing its final tranche of up to an aggerate of $450,000 within thefollowing two weeks.
About Element79 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 beginning in2024.
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 in 2024.
The Company, through its subsidiary, Synergy MetalsCorp., holds an option to acquire a 100% interest in the DaleProperty, 90 unpatented mining claims located approximately 100 kmsouthwest of Timmins, Ontario, and is advancing through the Plan ofArrangement spin-out process.
For more information about the Company, pleasevisit 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: +1.403.850.8050
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 the Company's future performance, businessprospects or opportunities that are based on forecasts of futureresults, estimates of amounts not yet determinable and assumptions ofmanagement made considering management's experience and perception ofhistorical trends, current conditions and expected futuredevelopments. Forward-looking statements include, but are not limitedto, statements with respect to: the Company's business strategy;future planning processes; exploration activities; the timing andresult of exploration activities; capital projects and explorationactivities and the possible results thereof; acquisitionopportunities; and the impact of acquisitions, if any, on the Company.Assumptions may prove to be incorrect and actual results may differmaterially from those anticipated. 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. All statements other than statements ofhistorical fact may be forward?looking statements. Any statementsthat express or involve discussions with respect to predictions,expectations, beliefs, plans, projections, objectives or future eventsor performance (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".
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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