Element 29 Completes Initial Public Offering
Element 29 Completes Initial Public Offering
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2020) - Element 29 Resources Inc. ("
E29
"
or the "
Company
") today announced the successful closing of its initial public offering (the "
Offering
") of
an aggregate of 13,310,400 units of the company (the "
Units
") at a price of $0.50 per Unit for gross
proceeds of $6,655,200.
Each Unit comprises of one common share in the capital of the Company (each a "
Common Share
")
and one-half of one common share purchase warrant of the Company (each whole common share
purchase warrant, a "
Warrant
"). Each Warrant is exercisable into one common share of the Company
(each, a "
Warrant Share
") at an exercise price of $0.70 per Warrant Share at any time prior to 5:00
p.m. (Vancouver time) on December 3, 2023, subject to adjustment in certain events.
The Common Shares of the Company are expected to commence trading on the TSX Venture
Exchange under the symbol "ECU" on December 7, 2020.
The Offering was led by Haywood Securities Inc., on behalf of a syndicate of agents including BMO
Capital Markets Corp. and Canaccord Genuity Corp. (collectively, the "
Agents
").
E29 has granted the Agents an over-allotment option (the "
Over-Allotment Option
"), exercisable in
whole or in part, at the sole discretion of the Agents, at any time up to 30 days following the closing of the
Offering, to purchase up to an additional number of Units equal to 15% of the Units sold pursuant to the
Offering (the "
Agents' Option Units
") at a price of $0.50 per Agents' Option Unit to cover the Agents'
over-allocation position, if any, and for market stabilization purposes.
No securities regulatory authority has either approved or disapproved of the contents of this news
release. The common shares have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state securities laws.
Accordingly, the common shares may not be offered or sold within the United States unless registered
under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the
registration requirements of the U.S. Securities Act and applicable state securities laws. This news
release does not constitute an offer to sell or a solicitation of an offer to buy any securities of E29 in
any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Element 29 Resources Inc.
The Company is a mineral exploration company engaged in the acquisition, exploration and evaluation
of resource properties with a focus on its two copper properties located in Peru. The Company's
principal objective is to explore and develop the Flor de Cobre and Elida Projects, and to identify other
properties worthy of investment and exploration.
Contact
Brian Booth - President, Chief Executive Officer and Director
Phone: 888.246.7881
E-mail:
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 "will", "intends", "proposed" and "expects" or similar expressions are
intended to identify Forward-looking Statements. Forward looking Statements in this press release
include statements related to the listing of the Company's common shares on the TSX Venture
Exchange, the exercise of the Over-Allotment Option, 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 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 preliminary 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 E29 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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