ELEMENT79 GOLD Corp Announces Closing of Second Tranche of Placement
ELEMENT79 GOLD CORP ANNOUNCES
CLOSING OF SECOND TRANCHE OF PLACEMENT
Vancouver, British Columbia, March 28, 2024 - Element79 Gold Corp (the "Company") (CSE: ELEM) (OTC:
ELMGF) (FSE: 7Y S0) Further to the Corporation ’s previous Financings announcement , Element79 is
pleased to announce the successful completion of its second tranche of its placement for an addition
$300,075 of funding through its Non-Brokered Private placement. This second tranche of closing will see
the Company issue a total of 1,304,674 Units for this tranche. The second tranche of the placement was
largely subscribed to by a strategic investor who recognizes the long -term value and potential of the
Company. This investor brings not only capital but also invalua ble expertise and connections within the
sector which will accelerate the Company’s corporate development.
The Placement consist s of Units of the Company (each a “Unit”) at a purchase price of $0.23 per Unit .
Each Unit will be comprised of one common share of the Company (a “Common Share”) and one common
share purchase warrant (each a “Warrant”). Each Warrant will be exercisable for one Common Share at a
price of $0.35 per Common Share for two (2) years from the date of issuance. All securities issued for the
placement will be subject to a four month and one day hold from the date of issue which is anticipated to
be April 4th in keeping with CSE regulations.
The warrants are subject to an acceleration clause whereby should the shares of the Company trade at or
above $0.40 per share on the North American stock exchange on which it is then listed for ten consecutive
trading days (after the date that is four months and one day from the closing of the Offering) the warrants
may be accelerated. There were Finder’s Fees of 5% cash and 5% in warrants on some of this Second
tranche of the placement.
Element79 has to date raised a total of $550,075 through the facilities of its placement and shall
continue to seek funds, anticipating closing its final tranche within the next ten business days.
About Element79 Gold Corp
Element79 Gold Corp is a gold and silver mining company committed to maximizing shareholder value
through responsible mining practices and sustainable development of its projects. Element79 Gold's core
focus is on developing 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 Port folio are under contract for sale to Valdo
Minerals Ltd., with an anticipated closing date in the first half of 2024. The Company has also signed an
Option Agreement to sell the Maverick Springs project, an advanced -stage exploratory property with an
Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43 -101 technical report
titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD.,
P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates
completing this sale on or before July 21, 2024.
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 Central British Columbia, approximately 20km west
of Fort St. James.
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
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 our official website at www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer and Director
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 release 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 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 proje cts 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.
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.