Element 29 Announces Upsized Private Placement of up to $6,400,000 All dollar amounts are Canadian, unless otherwise noted.
Element 29 Announces Upsized Private
Placement of up to $6,400,000
All dollar amounts are Canadian, unless otherwise noted.
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2025) - Element 29 Resources Inc.
(TSXV:
ECU) (OTCQB: EMTRF) (BVL: ECU)
("
Element 29
" or the "
Company
") announces in connection
with its previously announced non-brokered private placement ("
Financing
") on
July 17, 2025
that it has
increased the size of the Financing up to 12,800,000 units of the Company (the "
Units
") at a price of
$0.50 per Unit for aggregate gross proceeds to the Company of up to $6,400,000.
Each Unit issuable under the Financing consists of one common share in the capital of the Company (a
"
Common Share
") and one-half of one non-transferable Common Share purchase warrant (each whole
warrant a "
Warrant
"). Each Warrant is exercisable for one Common Share (a "
Warrant Share
") for a
period of 36 months following the date of issue at an exercise price of $0.70 per Warrant Share.
The net proceeds from the Financing will be used to fund exploration activities at the Company's Perú
projects, including the Phase-III drill program at its flagship Elida porphyry copper-molybdenum-silver
("
Cu-Mo-Ag
") deposit in west-central Perú, and for general working capital.
The Company may compensate certain finders a cash fee equal to 7.0% of the aggregate gross
proceeds raised from subscriptions under the Financing arranged by such finders.
Certain directors and officers of the Company may acquire securities under the Financing.
Any such
participation would be considered to be a "related party transaction" as defined under Multilateral
Instrument 61-101 ("
MI 61-101
").
The transaction will be exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to
or the consideration paid by such persons will exceed 25% of the Company's market capitalization.
The Financing remains subject to the approval of the TSX Venture Exchange. All securities issued
pursuant to the Financing will be subject to a statutory four-month and one-day hold period from the date
of issuance.
This press 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 U.S. 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 U.S. state securities laws, or an exemption from such registration requirements is
available.
About Element 29 Resources Inc.
Element 29 is an emerging junior resource company with a highly experienced management team and
board focused on exploring and potentially developing Tier-1 copper deposits in Perú, one of the lowest-
cost, lowest-risk mining jurisdictions globally.
The Company's principal objective is to explore and significantly expand its Elida Porphyry Cu-Mo-Ag
Deposit in west-central Perú. Alongside Elida, the Company has three early stage, highly prospective
porphyry Cu projects in Perú for more than 25,000 ha of titled concession. These include the Flor de
Cobre porphyry Cu-Mo prospect situated in the Southern Perú Copper Belt, just 26 km from the Cerro
Verde copper mine (Freeport-Buenaventura)
1
as well as the Paka and Pahuay porphyry Cu skarn
prospects related to potential tertiary-aged, mineralized porphyry complexes intruding along the eastern
margin of the Peruvian Coastal Batholith.
All projects are well located for future 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:
Richard Osmond, P.Geo.
CEO and Director
1-888-246-7881
Neither the TSX Venture Exchange (the "
TSX-V
") nor its Regulation Service Provider (as that term is
defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this press
release.
Cautionary Note Regarding 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
"). Any statements that are contained in this press release that are not statements of
historical fact may be deemed to be Forward-looking Statements. Forward-looking Statements are
frequently, but not always, identified by words such as "may", "will", "intends", "proposed", "believes",
"continues", "plans", "expects" or similar expressions (or the negative and grammatical variations of
any of these terms). Forward-looking Statements in this press release include, but are not limited to,
statements with respect to: the size and gross proceeds of the Financing; the Company closing the
Financing by the Closing Date or at all; the payment of finder's fees by the Company; the intended
use of net proceeds from the Financing; the receipt of regulatory and stock exchange approvals,
including TSX-V approval;
the Company's resource properties and future capital requirements; and
the Company's plans, focus and objectives.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors
and assumptions. Although Element 29's management considers these beliefs and assumptions
reasonable based on currently available information, 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. Forward-looking Statements necessarily involve known and unknown
risks, and important factors, among others, 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 Financing; the timeliness and success of regulatory approvals; fluctuations in copper and other
commodity prices; uncertainties inherent in the exploration of mineral properties; risks associated with
general economic conditions; changes in legislation, income tax and regulatory matters; currency and
interest rate fluctuations; inability to access sufficient capital from internal and external sources; and
other risk factors set forth in the Company's prospectus under the heading "Risk Factors".
Readers are further cautioned not to place undue reliance on Forward-looking Statements as there
can be no assurances that the plans, intentions or expectations upon which they are placed will occur.
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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This news release contains information about adjacent properties on which Element 29 has no right to explore or mine. Readers are cautioned
that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
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https://www.newsfilecorp.com/release/260932