Element79 Gold Corp Announces Non-Brokered Private Placement
Element79 Gold Corp Announces Non-Brokered Private Placement
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN
THE UNITED STATES
VANCOUVER, BC – March 11, 2024 – Element 79 Gold Corp . (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)
("Element 79 Gold" or “(ELEM) a mining company focused on the production of gold and silver in Peru ,
announces that the Company wishes to raise up to $400,000 through a non-brokered private placement
of Units of the Company (each a “Unit”) at a purchase price of $0.23 per Unit (the “Financing”). Each Unit
will be comprised of one common share of the C ompany (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.
The proceeds of the Financing will be used for funding ongoing community relations , contractual and
exploration work in Peru, legal expenses related to the closing of the sale of Maverick Springs Project and
general working capital.
In accordance with applicable Canadian securities laws, all securities issued pursuant to the Financing will
be subject to a statutory hold period of four months and one day from the date of issuance. The closing
of the Financing is subject to the approval of the Canadian Securities Exchange.
The securities of the Company referred to in this press release 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 securities of the Company 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
an exemption from the registration requirements of the U.S. Securities Act and applicable state securities
laws. This press release does not constitute an offer to sell or a solicitation of any offer to buy any
securities of the Company in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
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 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 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 prospec ts 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. 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, uncertainties 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 obtaining 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 litigation; limitations on insurance coverage as well as those factors discussed in the
Company's other public disclosure documents, ava ilable 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 no t 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.