ELMGF - Element79 Provides Capitalization Update Draws From Equity Facility and Announces Corporate Note Capital Raise
(TheNewswire)
Non-Brokered Corporate NotesFinancing for Up to CA$ 100,000
Vancouver, BC - T heNewswire - August 31, 2023 - Element 79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS) (" Element 79Gold ", the " Company ") amining company focused on gold and silver, announces that it hasrecently leveraged its Crescita Equity Investment Facility(“Crescita Capital”), a catalyst for the Company’s growth sincethe original announcement on February 3, 2022. The Company hasrecently drawn CA$ 100,000 from this facility. In total, the Companyhas drawn $7,104,500 from Crescita Equity Facility sinceits inception, using the funding to support its operations and developits portfolio of mining projects, having issued an aggregate total of34,264,945 shares to Crescita.
In addition to the above, Element 79 Gold has initiatedtoday at market close a non-brokered financing of up to CA$ 100,000 inthe form of Corporate Note Units (the "Notes"). Each NoteUnit holding a 1-year maturity will consist of a minimum investment of$25,000. The principal amount of the Notes will bear interest at 18%simple interest per annum (calculated not in advance) with 100%warrant coverage (each a "Warrant"), and the Notes will beopen for prepayment after 60 days. Each Warrant will be exercisableinto a common share (each a "Share") of the Company at aprice of $0.05 per Share. As of the time of this news release, theCompany has signed capitalization commitments of the Notes for$100,000.
Proceeds from the abovementioned draw from CrescitaCapital as well as the sale of the Notes 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 from forward-lookingstatements. Forward-looking statements are subject to known andunknown risks, uncertainties and other factors that may cause actualresults to materially differ from those expressed or implied by suchforward-looking statements, including but not limited to: the durationand effects of the coronavirus and COVID-19; risks related to theintegration of acquisitions; actual results of exploration activities;conclusions of economic evaluations; changes in project parameters asplans continue to be refined; commodity prices; variations in orereserves, grade or recovery rates; actual performance of plant,equipment or processes relative to specifications and expectations;accidents; labour relations; relations with local communities; changesin national or local governments; changes in applicable legislation orapplication thereof; delays in obtaining approvals or financing or inthe completion of development or construction activities; exchangerate fluctuations; requirements for additional capital; governmentregulation; environmental risks; reclamation expenses; outcomes ofpending litigation; limitations on insurance coverage as well as thosefactors discussed in the Company's other public disclosure documents,available on www.sedarplus.ca . Althoughthe Company has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-looking statements, there may be other factors that causeresults not to be as anticipated, estimated or intended. The Companybelieves that the expectations reflected in these forward lookingstatements are reasonable, but no assurance can be given that theseexpectations will prove to be correct and such forward?lookingstatements included herein should not be unduly relied upon. Thesestatements speak only as of the date hereof. The Company does notintend, and does not assume any obligation, to update theseforward-looking statements, except as required by applicablelaws.
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.
Copyright (c) 2023 TheNewswire - All rights reserved.