ELMGF - Element79 Gold Corp Announces Non Brokered Private Placement Financing
(TheNewswire)
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VANCOUVER, BC – The Newswire –December 19, 2023 – Element 79 GoldCorp . (CSE:ELEM)(OTC:ELMGF) (FSE:7YS) ("Element 79 Gold" or “(ELEM) an exploration company, announces that, subjectto Canadian Securities Exchange ("CSE") approval, theCompany will raise up to $600,000 through a non-brokeredprivate placement (the “Financing”). The financing will consist ofan aggregate of up to 5,309,734 Common shares offered at a price of$0.113 per share.
The principal use of the proceeds of the Offering willbe for funding ongoing exploration work, operating and administrativeexpenses, working capital and general corporate purposes.
In accordance with applicable Canadian securities laws,all securities issued pursuant to the private placement will belegended with a hold period of four months and one day from the dateof issuance.
The securities of the Company referred to in this pressrelease have not been and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “ U.S. Securities Act ”), or any state securities laws. Accordingly, thesecurities of the Company may not be offered or sold within the UnitedStates unless registered under the U.S. Securities Act and applicablestate securities laws or pursuant to an exemption from theregistration requirements of the U.S. Securities Act and applicablestate securities laws. This press release does not constitute an offerto sell or a solicitation of any offer to buy any securities of theCompany in any jurisdiction in which such offer, solicitation or salewould be unlawful.
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 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 Q1/2024. 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 Q1 2023.
For more information about the company please visit ourofficial website at www.element79gold.com
The Company’s 2023 review and Corporate Update can bereviewed HERE.
Contact Information
For corporate matters, pleasecontact:
James C. Tworek, Chief Executive Officer andDirector
E-mail: jt@element79.gold
For investor relations inquiries,please contact:
Investor Relations Department
Phone: +1.403.850.8050
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.
Cautionary Note Regarding ForwardLooking Statements
Certain statements and informationherein, including all statements that are not historical facts,contain forward-looking statements and forward-looking informationwithin the meaning of applicable securities laws. Such forward-lookingstatements or information include but are not limited to statements orinformation with respect to: the terms and conditions of the Offering;the closing date for the Offering; and anticipated use of net proceedsfrom the Offering, including any advancement of exploration work onthe Company’s projects. Often, but not always, forward-lookingstatements or information can be identified by the use of words suchas "estimate", "project", "belief","anticipate", "intend", "expect","plan", "predict", "may" or"should" and the negative of these words or such variationsthereon or comparable terminology are intended to identifyforward-looking statements and information. With respect toforward-looking statements and information contained herein, Element79has made numerous assumptions including among other things,assumptions about general business and economic conditions and theprice of gold and other minerals. The foregoing list of assumptions isnot exhaustive.
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