Element79 Announces Closing of First Tranche of Private Placement
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Element79 Announces Closing of First Tranche
of Non-Brokered Private Placement
VANCOUVER, BC / THE NEWSWIRE / November 15, 2024 – Element79 Gold Corp. (CSE: ELEM)
(OTC: ELMGF) ( FSE: 7YS) ( "Element79", or the "Company”) announces it has closed the first
tranche of its previously announced non -brokered private placement (the “Private Placement”) for
aggregate gross proceeds of $500,024. Pursuant to the Private Placement, the Company has issued
5,000,240 units (each, a “Unit”) at a price of $0.10 per Unit. Each Unit will consist of one (1) common
share (each, a “Share”) and one (1) common Share purchase warrant (each, a “Warrant”). Each Warrant
is exercisable into one (1) Share at an exercise price of $0.15 until November 14, 2026. The Company
will not be subjecting the warrants to an acceleration clause.
The remainder of the Private Placement may close in one or more additional tranches. The Company
intends to use a portion of the proceeds raised from the Private Placement for general working capital
purposes, as well as current and anticipated payables. The securities issued under the Private Placement
will be subject to a statutory hold period in accordance with applicable securities laws of four months
and one day from the date of issue, expiring March 15, 2025. No finder’s fees will be paid in connection
with the Private Placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in
the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities being offered have not been, nor will they be,
registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any U.S. state
securities laws, and may not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the 1933 Act and applicable state securities laws.
About Element79 Gold Corp.
Element79 Gold is a mining company focused on gold and silver and committed to maximizing shareholder
value through responsible mining practices and sustainable development of its projects. Element79 Gold's
focus is on devel oping its past -producing, high -grade gold and silver mine, the Lucero project located in
Arequipa, Peru, with the intent to restart production in 2024.
The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover
and West Whistler projects believed to have significant potential for near-term resource development. Three
properties in the Battle Mountain Portf olio are under contract for sale to Valdo Minerals Ltd., with an
anticipated closing date in the first half of 2024.
The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims
located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has
Element79 Gold Corp.
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transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan
of Arrangement spin-out process.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: [email protected]
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: [email protected]
Cautionary Note Regarding Forward Looking Statements
This press contains "forward-looking information" and "forward -looking statements" under applicable securities laws
(collectively, "forward-looking statements"). These statements relate to future events or the Company's future
performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not
yet determinable and assumptions of management made considering management's experience and perception of
historical trends, current conditions and expected future developments. Forward-looking statements include, but are not
limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities;
the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof;
acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect
and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be
guaranteed. As such, investors are cautioned not to place undue reliance upon forward -looking statements as there can
be no assurance that the plans, assumptions or expectations upon which they are placed will occur. A ll statements other
than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (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 similar
expressions) are not statements of historical fact and may be "forward-looking statements".
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.