ELMGF - Element79 Gold Corp Confirms Closing of Private Placement Financing
(TheNewswire)
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VANCOUVER, BC – TheNewswire –December 2 9 , 2023 – Element 79 Gold Corp . (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)("Element 79 Gold" or “(ELEM) ispleased to announce that it has closed its private placement for grossproceeds of $600,000 (the "Offering"), as previouslyannounced on December 19, 2023 . Element79 issued 5,309,735 Common shares (the“shares") under the Offering at a price of $0.113 per share,
The securities issued pursuant to the Offering will besubject to a four-month plus one day "hold period" expiringApril 29, 2024, as prescribed by applicable Canadian securitieslaws.
The Company intends to use the net proceeds from theOffering for general corporate purposes.
The Company did not incur any finders' or brokers' feesin connection with the Offering.
James Tworek, CEO and Director of Element79 Gold Corpcited: “We are grateful for this investment and announcing it todayis a fantastic way for us to close out the year. This significantinvestment comes from a strategic investor with a long-termperspective, who shares our belief in our project strategy andteam’s ability to execute. We look forward to the completion ofthe 2023 Lucero work plan and providing the investment community withfurther updates on other ongoing corporate initiatives in the nearterm.”
About Element79Gold Corp.
Element79 Goldis a mining company focused on gold and silver committed to maximizingshareholder value through responsible mining practices and sustainabledevelopment of its projects. Element79 Gold's focus is on developingits past-producing, high-grade gold and silver mine, the Luceroproject located in Arequipa, Peru, with the intent to restartproduction in the near term.
The Company alsoholds a portfolio of 5 properties along the Battle Mountain trend inNevada, with the Clover and West Whistler projects believed to havesignificant potential for near-term resource development. Threeproperties in the Battle Mountain Portfolio are under contract forsale to Valdo Minerals Ltd., with an anticipated closing date aroundthe end of 2023. The Company has also signed an Option Agreement tosell the Maverick Springs project, an advanced-stage exploratoryproperty with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and175MMoz Ag) and anticipates completing this sale on or before March28, 2024.
In BritishColumbia, Element79 Gold has executed a Letter of Intent and funded adrilling program to acquire a private company that holds the option to100% interest of the Snowbird High-Grade Gold Project, which consistsof 10 mineral claims located in Central British Columbia,approximately 20km west of Fort St. James.
The Company hasan option to acquire a 100% interest in the Dale Property, 90unpatented mining claims located approximately 100 km southwest ofTimmins, Ontario, and has recently announced that it has transferredthis project to its wholly-owned subsidiary, Synergy Metals Corp, andis advancing through the Plan of Arrangement spin-out process.
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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