Element79 Gold Confirms Closure of Financing, Corporate Note Over-Subscription
Element79 Gold Corp. Confirms Closure of Financing, Corporate Note Over -
Subscription
Vancouver, BC - TheNewswire - September 8, 2023 – Element79 Gold Corp.
(CSE:ELEM)(OTC:ELMGF)(FSE:7YS) ("Element79" or "the Company") today the
Company closed its recent round of capital raising efforts, announcing that the previously
initiated non-brokered Corporate Notes was met with robust investor interest, resulting in
an oversubscription. The Company has garnered capitalization commitments surpassing the
initial offering, with the Notes being oversubscribed at CAD $145,000.
In addition to the above capital raising efforts from the marketplace, the Company
reconfirms closing its previously announced drawdown from the Crescita Equity Investment
Facility for an amount of CAD $100,000.
James C. Tworek, Chief Executive Officer of Element79, commented, “We appreciate the
ongoing support from our investment community . The oversubscription of the notes
underlines the trust and confidence placed in Element79’s vision and strategy. These funds
will facilitate our operational commitments at both Lucero and Nevada portfolio through the
coming months."
Proceeds from the above mentioned sale of the Notes draw from Crescita Capital as well as
the will be used for operations, including the annual payment of Nevada project claim lease
fees and the advancement of the social contract development in Peru to allow the Lucero
work plan to unfold.
About Element79 Gold Corp.
Element79 Gold is a mining company focused on gold and silver committed to maximizing
shareholder value through responsible mining practices and sustainable development of its
projects. Element79 Gold's main focus is on developing its previously-producing, high-grade
gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it
back into production in the near term; The Company also holds a portfolio of 14 properties
along the Carlin and Battle Mountain trend in Nevada, wit h the Clover and West Whistler
projects are believed to have significant potential for near-term resource development. The
Company has signed an option agreement to sell its Maverick Springs project, an advanced -
stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and
175MMoz Ag) and anticipates completing this sale before the end of 2023. The Company
continues to negotiate the sale of its non -core Nevada and Battle Mountain projects. In
British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling
program to acquire a private company that holds the option to 100% interest of the
Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Centr al
British Columbia, approximately 20km west of Fort St. James. The Company also 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 announc ed that it
has transferred this project to its wholly -owned subsidiary, Synergy Metals Corp, and is
advancing through the Plan of Arrangement spin -out process through the rest of 2023. 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: +1.613.879.9387
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 prospec ts or
opportunities that are based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management made in light of 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. All 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". Actual results
may vary from forward -looking statements. Forward -looking statements are subject to
known and unknown risks, uncer tainties and other factors that may cause actual results to
materially differ from those expressed or implied by such forward -looking statements,
including but not limited to: the duration and effects of the coronavirus and COVID-19; risks
related to the integration of acquisitions; actual results of exploration activities; conclusions
of economic evaluations; changes in project parameters as plans continue to be refined;
commodity prices; variations in ore reserves, grade or recovery rates; actual performance of
plant, equipment or processes relative to specifications and expectations; accidents; labour
relations; relations with local communities; changes in national or local governments;
changes in applicable legislation or application thereof; delays in o btaining approvals or
financing or in the completion of development or construction activities; exchange rate
fluctuations; requirements for additional capital; government regulation; environmental
risks; reclamation expenses; outcomes of pending litigatio n; limitations on insurance
coverage as well as those factors discussed in the Company's other public disclosure
documents, available on www.sedarplus.ca. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. The Company believes that the expectations reflected in
these forward looking statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward‐looking statements included herein
should not be unduly relied upon. These statements speak only as of the date hereof. The
Company does not intend , and does not assume any obligation, to update these forward -
looking statements, except as required by applicable laws. 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.