Element 29 Announces Upsize of Non- Brokered Private Placement All dollars are in Canadian dollars
Element 29 Announces Upsize of Non-
Brokered Private Placement
All dollars are in Canadian dollars unless otherwise noted
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2023) - Element 29 Resources Inc. (
TSXV:
ECU
) (
OTCQB: EMTRF
) (
BVL: ECU
) ("
Element 29
" or the "
Company
")
announces that due to
strong investor demand for its non-brokered private placement previously announced on November 28,
2022, the Company has agreed to increase the size of the offering by up to 1,475,000 units of the
Company ("
Units
"), for aggregate gross proceeds of up to $1,545,000 (the "
Offering
"). Under the
Offering, up to 7,725,000 Units may be issued at a price of $0.20 per Unit in the manner previously
disclosed.
The Offering
Each Unit comprises one common share of Element 29 and one-half common share purchase warrant
(each whole warrant, a "
Warrant
"). Each whole Warrant will be exercisable for a common share at an
exercise price of $0.30 and will expire two years from the closing date of the Offering.
The Company may compensate certain finders a cash fee equal to 6% of the aggregate gross proceeds
raised from subscriptions under the Offering arranged by such finders.
The net proceeds of the Offering will be used for the completion of a planned initial mineral resource
estimate for the Flor de Cobre project and general working capital for the Company. All securities
issuable under the Offering will be subject to a four-month hold period from the date of closing.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there
be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful, including any of the securities in the United States of America. The securities have not been
and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act")
or any state securities laws and may not be offered or sold within the United States or to, or for account
or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under
the 1933 Act and applicable state securities laws, or an exemption from such registration
requirements is available.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
About Element 29 Resources Inc.
Element 29 Resources Inc. is an emerging copper exploration and development company focused on
advancing its portfolio of Peruvian projects towards development in one of the world's more established
mining jurisdictions. Element 29's growth strategy is led by our strong board and management, who have
a proven track record of discovery and delivering significant value to our shareholders.
The Company's principal objective is to explore and develop its Elida Porphyry Copper Deposit in west-
central Peru and its Flor de Cobre Porphyry Copper Project located in the Southern Peru Copper Belt,
26 km southeast from Freeport-McMoRan's Cerro Verde copper mine. Both projects are well located for
potential mine development and will benefit from nearby infrastructure including roads, powerlines, ports,
water, and a skilled workforce.
More information is available at
www.e29copper.com
.
For more information:
Steve Stakiw, President & CEO
1-888-246-7881
Forward-Looking Statements
This press release contains certain forward-looking information and forward-looking statements within
the meaning of applicable Canadian securities legislation (collectively, "
Forward-looking
Statements
"). All statements, other than statements of historical fact, constitute Forward-looking
Statements. Words such as "may", "will", "intends", "proposed", "believes", "continues", "plans",
"expects" or similar expressions, or negative connotations thereof are intended to identify Forward-
looking Statements. Forward-looking Statements in this press release include statements related to the
amount of funds to be raised in the Offering, the intended use of proceeds from the Offering, the receipt
of any regulatory approvals, including the final approval of the TSX Venture Exchange, the Company's
resource properties, and the Company's plans, focus and objectives.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors
and assumptions. There can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's expectations include
uncertainties related to the Company's ability to access investors for the Offering, the timeliness and
success of regulatory approvals, fluctuations in copper and other commodity prices, uncertainties
inherent in the exploration of mineral properties, the impact and progression of the COVID-19 pandemic
and other risk factors set forth in the Company's prospectus under the heading "Risk Factors". The
Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a
result of new information, future events or otherwise, except as may be required by law. New factors
emerge from time to time, and it is not possible for Element 29 to predict all of them, or assess the
impact of each such factor or the extent to which any factor, or combination of factors, may cause results
to differ materially from those contained in any Forward-looking Statement. Any Forward-looking
Statements contained in this press release are expressly qualified in their entirety by this cautionary
statement.
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UNITED STATES
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https://www.newsfilecorp.com/release/150473