ELMGF - Element79 Gold Corp. Confirms Closure of Financing Corporate Note Over-Subscription
(TheNewswire)
Vancouver, BC - TheNewswire -September 8, 2023 - Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF) (FSE:7YS) ("Element79" or "theCompany") today the Company closed itsrecent round of capital raising efforts, announcing that the previously initiatednon-brokered Corporate Notes was metwith robust investor interest, resulting in an oversubscription. TheCompany has garnered capitalization commitments surpassing the initialoffering, with the Notes being oversubscribed at CAD $145,000.
In addition to the above capital raising efforts fromthe marketplace, the Company reconfirms closing its previouslyannounced drawdown from the Crescita Equity Investment Facility for anamount of CAD $100,000.
James C. Tworek, Chief Executive Officer of Element79,commented, “We appreciate the ongoing support from our investmentcommunity. The oversubscription of the notes underlines the trustand confidence placed in Element79’s vision and strategy. Thesefunds will facilitate our operational commitments at both Lucero andNevada portfolio through the coming months."
Proceeds from the above mentioned sale of the Notesdraw from Crescita Capital as well as the will be used for operations,including the annual payment of Nevada project claim lease fees andthe advancement of the social contract development in Peru to allowthe Lucero work plan to unfold.
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 main focus is on developing its previously-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to bring it back into production inthe near term; The Company also holds a portfolio of 14 propertiesalong the Carlin and Battle Mountain trend in Nevada, with the Cloverand West Whistler projects are believed to have significant potentialfor near-term resource development. The Company has signed an optionagreement to sell its Maverick Springs project, an advanced-stageexploratory property with an Inferred Resource of 3.71MMoz AuEq(1.37MMoz Au and 175MMoz Ag) and anticipates completing this salebefore the end of 2023. The Company continues to negotiate the sale ofits non-core Nevada and Battle Mountain projects. In British Columbia,Element79 Gold has executed a Letter of Intent and funded a drillingprogram to acquire a private company that 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 a100% interest in the Dale Property, 90 unpatented mining claimslocated approximately 100 km southwest of Timmins, Ontario, and hasrecently announced that it has transferred this project to itswholly-owned subsidiary, Synergy Metals Corp, and is advancing throughthe Plan of Arrangement spin-out process through the rest of 2023. Formore information about the Company, please visit www.element79.gold
Contact Information
For corporatematters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79gold.com
For investor relations inquiries,please contact:
Investor Relations Department
Phone: +1.613.879.9387
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 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 business strategy; future planning processes;exploration activities; the timing and result of explorationactivities; capital projects and exploration activities and thepossible results thereof; acquisition opportunities; and 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 fromforward-looking statements. Forward-looking statements are subject toknown and unknown risks, uncertainties and other factors that maycause actual results to materially differ from those expressed orimplied by such forward-looking statements, including but not limitedto: the duration and effects of the coronavirus and COVID-19; risksrelated to the integration of acquisitions; actual results ofexploration activities; conclusions of economic evaluations; changesin project parameters as plans continue to be refined; commodityprices; variations in ore reserves, grade or recovery rates; actualperformance of plant, equipment or processes relative tospecifications and expectations; accidents; labour relations;relations with local communities; changes in national or localgovernments; changes in applicable legislation or application thereof;delays in obtaining approvals or financing or in the completion ofdevelopment or construction activities; exchange rate fluctuations;requirements for additional capital; government regulation;environmental risks; reclamation expenses; outcomes of pendinglitigation; limitations on insurance coverage as well as those factorsdiscussed in the Company's other public disclosure documents,available on www.sedarplus.ca. Although the Company has attempted toidentify important factors that could cause actual results to differmaterially from those contained in forward-looking statements, theremay be other factors that cause results not to be as anticipated,estimated or intended. The Company believes that the expectationsreflected in these forward looking statementsare reasonable, but no assurance can be given that these expectationswill prove to be correct and such forward?looking statementsincluded herein should not be unduly relied upon. These statementsspeak only as of the date hereof. The Company does not intend, anddoes not assume any obligation, to update these forward-lookingstatements, except as required by applicable laws. Neither theCanadian Securities Exchange nor the Market Regulator (as that term isdefined in the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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