Element79 Gold Corp. Confirms Oversubscribed Final Tranche of Equity Unit Offering Raising Over $867,000
1 of 3
ELEMENT79 GOLD CORP. CONFIRMS OVERSUBSCRIBED
FINAL TRANCHE OF EQUITY UNIT OFFERING RAISING OVER $867,000
Vancouver, BC – April 1 8, 2024 – Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS 0)
("Element79" or "the Company") The Company is pleased to announce that it has closed its final round
of capital raising efforts, announcing that that the previously initiated non -brokered Private Placement
of Equity Units was met with overwhelming investor interest, resulting in an oversubscription.
While t he Company had originally set out to raise CAD $ 400,000, it had garnered capitalization
commitments surpassing the initial offering, with the Unit offering having gone through two tranches ,
first on March 14 and extended the offering to $600,000 after the second on March 28th, and now with
a third closing the offering has raised an aggregate total of CAD $867,735.
The Third tranche of the placement raised a total of $317,660 and will see the Company issue a total of
1,381,130 Units. Each Unit 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 iss uance. All
securities issued for the placement will be subject to a four month and one day hold from the date of
issue.
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 no finders fees payable for the Second tranche of the
placement,
The Company further notes that pursuant to its press release of April 8, 2024, it has settled a cash
payment due to Condor Resources Inc. in the amount of USD $85,000 / CAD $114,865 through the
issuance of the same units offered to subscribers of the placement as noted above. The settlement has
the Company issuing a total of 499,413 Units. Each Unit as defined above, having a hold period of Four
months and a day. For more details of the payments to Condor please refer to the press release.
James C. Tworek, Chief Executive Officer and Director , commented, “ Undoubtedly, our refocused
corporate drive has garnered significant support from our investment community with this equity raising
round seeing multiple up-sizings and closings. The oversubscription of the Units underlines the trust and
confidence placed in Element79’s vision and strategy , with this funding more clearly bringing into sight
near-term ore extraction and revenue generation plans."
ELEMENT79 PRESS RELEASE April 17, 2024
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
2 of 3
Proceeds from the above -mentioned sale of the Units will be used for operations, including the
advancement of the social contract formalization in Peru to allow the long-term extension of the social
license and ongoing Lucero project development plan to unfold. In addition, Certain Investor Relations
initiatives will be engaged or extended in conjunction with this Financing with a portion with held for
general working capital.
About Element79 Gold Corp
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 Portfolio 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 Ce ntral 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]
ELEMENT79 PRESS RELEASE April 17, 2024
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
3 of 3
Forward Looking statements
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
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, assumpt ions or expectations upon which they
are placed will occur.