ELMGF - Element79 Gold Corp. Confirms Debt Settlement
(TheNewswire)
Company Further Strengthens BalanceSheet by Entering Debt Settlement Agreement with Creditor
VANCOUVER, BC / THENEWSWIRE / April26, 2023 – Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE: 7YS) (" Element79 Gold ", the " Company ") amining company focused on gold, silver and associated metals, providedan update to investors today by confirming payment to a creditor tocomplete a contract for services.
Debt Settlement
The Company also announces that it has entered into adebt settlement agreement with an arms-length creditor (the"Creditor") to settle CAD$50,000.00 (the "DebtSettlement") of debt for services provided by the Creditor to theCompany.
In settlement and full satisfaction of the debt in theamount of CAD$50,000.00, the Company has agreed to issue to theCreditor 1,000,000 common shares in the capital of the Company (the"Common Shares") at a deemed issue price of $0.050 perCommon Share.
All Common Shares issued pursuant to the DebtSettlement are subject to a statutory hold period of four months plusa day from the date of issuance of the Common Shares in accordancewith applicable securities legislation.
About Element79 Gold
Element79 Gold is a mining company focused on gold,silver, and associated metals and committed to maximizing shareholdervalue through responsible mining practices and sustainable developmentof its projects. Element79 Gold's primary focus is on two coreproperties: Lucero Property in Arequipa, Peru, and its flagshipMaverick Springs Property in the gold mining district of northeasternNevada, USA. The Maverick Springs Property, located between the Elkoand White Pine Counties, 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 0.92g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date ofOctober 19, 2022. Element79 Gold also holds a portfolio of 15properties along the Battle Mountain trend in Nevada. As part of itsCanadian operations, Element79 Gold has the option to acquire a 100%interest in the Snowbird High-Grade Gold Project, consisting of 10mineral claims approximately 20km west of Fort St. James in CentralBritish Columbia. The Company also has the option to acquire the DaleProperty, comprised of 90 unpatented mining claims in the TimminsMining Division, Dale Township, in Ontario, Canada. The Company isanalyzing the non-core Nevada, Dale, and Snowbird projects for furthermerit of exploration, sale, or spin-out.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek,
Chief Executive Officer
E-mail: jt@element79.gold
For investor relations inquiries, pleasecontact:
Investor Relations Department
Phone: +1.613.879.9387
E-mail: investors@element79.gold
The CSE has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this release.
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