Element79 Gold Corp. Provides Updates on Crescita Capital Facility and Confirms Debt Settlement
Element79 Gold Corp. Provides Updates on Crescita Capital
Facility and Confirms Debt Settlement
Company Further Strengthens Balance Sheet by Entering Debt Settlement Agreement
with Creditor
VANCOUVER, BC / THENEWSWIRE / April 26, 2023 – Element79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE:
7YS) ("Element79 Gold", the "Company") a mining company focused on gold, silver and associated metals,
provided an update to investors today by confirming th e status of its equity draw -down facility with
Crescita Capital.
Clarifica�on of Past Crescita Capital Drawdowns
Since the most recent News Release regarding draws from its Crescita Equity Investment Facility
(September 19, 2022) , Element79 Gold confirms that it has completed intermitent draws to fund
opera�onal capital, to strengthen its balance sheet, and explora�on work totaling $1,250,500, issuing a
total of 22,700,000 shares in exchange during the same �me period . The remaining funds that can be
drawn down from the Crescita Equity Investment Facility, subject to the Company’s desire to do so , is
$3,579,500 un�l May 5, 2025.
For more informa�on about the Equity Investment Facility, please see the Company's press releases dated
February 3, 2022, and May 5, 2022.
"Crescita's con�nued support has been instrumental in providing short-term liquidity through the
Company’s 2021 and 2022 M&A ac�vity, providing valuable flexibility to sustain opera�ons through the
more difficult second half of 2022 and also to ramp up explora�on programs underway at Lucero and
Maverick Springs in 2023.” Comments James Tworek, CEO of Element79 Gold Corp. “While our Opera�ons
team con�nues to grow and manage work on our core projects , our Management and Board have been
fostering rela�onships with strategic investors who seek to support the Company and con�nue to execute
our development strategies. We expect to announce further 2023 capital raising ini�a�ves shortly to fund
development at a more aggressive pace.”
Debt Setlement
The Company also announces that it has entered into a debt setlement a greement with an arms-length
creditor (the "Creditor") to setle CAD$80,000.00 (the "Debt Setlement") of debt for services provided by
the Creditor to the Company.
In setlement and full sa�sfac�on of the debt in the amount of CAD$80,000.00, the Company has agreed
to issue to the Creditor 1,066,667 common shares in the capital of the Company (the "Common Shares")
at a deemed issue price of $0.075 per Common Share.
All Common Shares issued pursuant to the Debt Setlement are subject to a statutory hold period of four
months plus a day from the date of issuance of the Common Shares in accordance with applicable
securi�es legisla�on.
About Element79 Gold
Element79 Gold is a mining company focused on gold, silver , and associated metals and comm ited to
maximizing shareholder value through responsible mining prac�ces and sustainable development of its
projects. Element79 Gold's primary focus is on two core proper�es : Lucero Property in Arequipa, Peru,
and its flagship Maverick Springs Property in the gold mining district of northeastern Nevada, USA. The
Maverick Springs Property, located between the Elko and White Pine Coun�es, hosts a 43-101-compliant,
pit-constrained mineral resource es�mate reflec�ng an inferred resource of 3.71 million ou nces of gold
e q u i v a l e n t " A u E q " a t a g r a d e of 0. 9 2 g/ t A u E q ( 0. 3 4 g/t A u a n d 4 3. 4 g/t A g ) w i t h a n e ff e c � v e d a t e of
October 19, 2022. Element79 Gold also holds a por�olio of 15 proper�es along the Batle Mountain trend
in Nevada. As part of its Canadian opera�ons, Element79 Gold has the op�on to acquire a 100% interest
in the Snowbird High-Grade Gold Project, consis�ng of 10 mineral claims approximately 20km west of Fort
St. James in Central Bri�sh Columbia. The Company also has the op�on to acquire t he Dale Property,
comprised of 90 unpatented mining claims in the Timmins Mining Division, Dale Township , in Ontario,
Canada. The Company is analyzing the non-core Nevada, Dale, and Snowbird projects for further merit of
explora�on, sale, or spin-out.
For more informa�on about the Company, please visit www.element79.gold
Contact Informa�on
For corporate maters, please contact:
James C. Tworek,
Chief Execu�ve Officer
E-mail: [email protected]
For investor rela�ons inquiries, please contact:
Investor Rela�ons Department
Phone: +1.613.879.9387
E-mail: [email protected]
Cau�onary Note Regarding Forward-Looking Statements
This press contains "forward-looking informa�on" and "forward -looking statements" under applicable
securi�es laws (collec�vely, "forward-looking statements"). These statements relate to future events or
the Company's future performance, business prospects or opportuni�es that are based on forecasts of
future results, es�mates of amounts not yet determinable and assump�ons of management made in light
of management's experience and percep�on of historical trends, current condi�ons 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; explora�on ac�vi�es; the �ming and result
of explora�on ac�vi�es; capital projects and explora�on ac�vi�es and the possible results thereof;
acquisi�on opportuni�es; and the impact of acquisi�ons, if any, on the Company. Assump�ons may prove
to be incorrect and actual results may differ materially from those an�cipated. Consequently, forward -
looking statements cannot be guaranteed. As such, investors are cau�oned not to place undue reliance
upon forward -looking statements as there can be no assu rance that the plans, assump�ons or
expecta�ons 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
predic�ons, expecta�ons, beliefs, plans, projec�ons, objec�ves or future events or performance (o�en,
but not always, using words or phrases such as "seek", "an�cipate", "plan", "con�nue", "es�mate",
"expect", "may", "will", "project", "predict", "forecast", "poten�al", "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, uncertain�es 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
dura�on and effects of th e coronavirus and COVID -19; risks related to the integra�on of acquisi�ons;
actual results of explora�on ac�vi�es; conclusions of economic evalua�ons; changes in project parameters
as plans con�nue to be refined; commodity prices; varia�ons in ore reserves, grade or recovery rates;
actual performance of plant, equipment or processes rela�ve to specifica�ons and expecta�ons;
accidents; labour rela�ons; rela�ons with local communi�es; changes in na�onal or local governments;
changes in applicable legisla�on or applica�on thereof; delays in obtaining approvals or financing or in the
comple�on of development or construc�on ac�vi�es; exchange rate fluctua�ons; requirements for
addi�onal capital; government regula�on; environmental risks; r eclama�on expenses; outcomes of
pending li�ga�on; limita�ons on insurance coverage as well as those factors discussed in the Company 's
other public disclosure documents, available on www.sedar.com. Although the Company has atempted
to iden�fy 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 an�cipated,
es�mated or intended. The Company believes that the expecta�ons re flected in these forward-looking
statements are reasonable, but no assurance can be given that these expecta�ons 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 obliga�on, to
update these forward-looking statements, except as required by applicable laws.
Neither the C anadian S ecurities E xchange nor the M arket R egulator ( as that term is deЉned in the
policies of the C anadi an S ecuri ties E xchange) accepts responsi bility for the adequacy or accuracy of
this release.