Element 29 Resources Closes Private Placement of $2.86 Million
Element 29 Resources Closes Private
Placement of $2.86 Million
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2023) - Element 29 Resources Inc.
(
TSXV: ECU
) (
OTCQB: EMTRF
) (
BVL: ECU
) ("
Element 29
" or the "
Company
") announces it has
closed its non-brokered private placement financing of 19,045,253 units (the "
Units
") at a price of $0.15
per Unit for aggregate gross proceeds of $2,856,788 (the "
Financing
").
Each Unit issued under the Financing consists of one common share in the capital of the Company (a
"
Common Share
") and one non-transferable
Common Share purchase warrant (a "
Warrant
"). Each
Warrant is exercisable for one Common Share (a "
Warrant Share
") at an exercise price of $0.25
per
Warrant Share until September 13, 2025.
Insiders of the Company participated in the Offering for an aggregate amount of 1,120,000 Units. Such
participation is considered a related party transaction under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("
MI 61-101
"). In completing such transaction, the
Company relied on exemptions from the formal valuation and minority shareholders approval
requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the Insiders'
participation in the Offering did not exceed 25% of the fair market value of the Company's market
capitalization.
In connection with the Offering and in accordance with the policies of the TSX Venture Exchange the
Company paid aggregate cash finder's fees totaling $144,007.
The net proceeds from the Financing will be used to fund exploration activities at the Company's Peru
projects and for general working capital. All securities issued pursuant to the Financing are subject to a
statutory four month and one day hold period expiring on January 14, 2024.
Details of the Offering were previously announced on July 31, 2023 and September 7, 2023.
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 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 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
Neither 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 intended use of net proceeds from the Financing; 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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UNITED STATES
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