79 Resources Completes Initial Public Offering and Lists on the Canadian Securities Exchange
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
79 RESOURCES LTD.
Suite 600, 625 Howe Street
Vancouver, BC V6C 2T6
79 Resources Completes Initial Public Offering and Lists
on the Canadian Securities Exchange
Vancouver, British Columbia, August 27, 20 20: 79 Resources Ltd . (the "Company"
or "79 Resources") (CSE: SNR) is pleased to announce that on August 27, 2020, it completed its
initial public offering (the "IPO") of 4,600,000 units in its capital ( each a "Unit"), at a price of
$0.10 per Unit for gross proceeds of $460,000. Each Unit consists of one common share in the
capital of the Company (each, a "Share") and one transferable common share purchase warrant
(each, a "Unit Warrant") of the Company. Each Unit Warrant entitles the holder thereof to acquire
one Share of the Company at an exercise price of $0.15 per Share at any time prior to August 27,
2022.
The net proceeds from the IPO will be used for working capital purposes and to carry out
exploration of the Company's Louise Lake Property located approximately 35 kilometres west of
the town of Smithers in the Omineca Mining Division, British Columbia.
Haywood Securities Inc. acted as agent (the "Agent") for the IPO. The Agent received a cash
commission equal to 10% of the gross proceeds of the IPO and a corporate finance fee of $40,000,
of which $30,000 was paid in cash and $10,000 in Shares. Additionally, the Company granted the
Agent, and its selling group , compensation options entitling the holder to purchase a n aggregate
of 460,000 Shares at a price of $0.10 per Share, exercisable on or before August 27, 2022.
The Shares were approved for listing on the Canadian Securities Exchange on August 25, 2020
and are expected to begin trading on August 28, 2020 under the symbol "SNR".
The offered securities 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 applicable state securities laws and
may not be offered or sold in the United States or to "U.S. persons", as such term is defined in
Regulation S under the U.S. Securities Act, absent such registration or an applicable exemption
from such registration requirements. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the offered securities in any jurisdiction.
About 79 Resources Ltd.
79 Resources is engaged in the business of mineral exploration and the acquisition of mineral
property assets in Canada. Its objective is to locate and develop economic precious and base metal
properties of merit and to conduct its exploration program on the Louise Lake Property . The
Louise Lake Property consists of eight (8) mineral claims covering an area of 1,862.36 hectares
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located approxim ately 35 kilometres west of the town of Smithers in the Omineca Mining
Division, British Columbia.
For more information, please refer to the Company's prospectus dated July 31, 2020 available on
SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Gary Musil
Chief Executive Officer, President and Director
For further information, please contact:
Gary Musil
Chief Executive Officer, President and Director
(604) 683-6648
Forward-Looking Statements:
This news release includes certain forward -looking statements and forward -looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other
than statements of historica l fact, included herein including, without limitation, statements regarding future capital
expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's
projects and mineral properties, anticipated exploratio n program results from exploration activities, resources and/or
reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future
activities of the Company, are forward-looking statements. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward
looking information can be identified by words such as "pro forma ", "plans", "expects", "will", "may", "should",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such
words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could,
would, might or will occur or be taken or achieved. In making the forward -looking statements in this news release,
the Company has applied several material assumptions, including without limitation, that market fundamentals will
result in sustained preci ous and base metals demand and prices, the receipt of any necessary permits, licenses and
regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global
pandemic will not affect the ability of the Company to conduct the exploration program on the Lake Louise Property,
the availability of financing on suitable terms, and the Company 's ability to comply with environmental, health and
safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among
others, statements as to the anticipated business plans and timing of future activities of the Company, including the
Company's option to acquire the Louise Lake Property, the proposed expenditures for exploration work thereon , the
ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining
governmental and regulatory approvals (including of the Canadian Securities Exchange ), permits or f inancing,
changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such
as COVID –19, including the impact of COVID –19 on the Company's business, financial condition and results of
operations, the Company's limited operating history , currency fluctuations, title disputes or claims, environmental
issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus
dated July 31, 2020 and other filings of the Company with the Canadian Securities Authorities, copies of which can
be found under the Company's profile on the SEDAR website at www.sedar.com.
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Readers are cautioned not to place undue reliance on forward -looking statements. The Company undert akes no
obligation to update any of the forward-looking statements in this news release except as otherwise required by law.