Gold79 Extends Closing Date of Private Placement Financing
Gold79 Extends Closing Date of Private
Placement Financing
Ottawa, Ontario--(Newsfile Corp. - June 26, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF)
("Gold79" or the "Company")
announces that it is extending the final closing date of its non-brokered
private placement announced on June 2, 2023.
The closing date of the private placement will now be on
or before July 26, 2023. All other terms of the private placement remain unchanged.
The placement will
raise gross proceeds of up to $1,000,000, comprising 33,333,333 units (each a "Unit"), at $0.03 per
Unit (the "Offering").
Each Unit consists of one common share of the Company and one whole common
share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share
of the Company at a price of $0.05 per share for a period of 24 months following the date of issuance.
Additionally, the Warrants will be callable during the 24-month period, at the option of the Company, in
the event that the 20-day volume-weighted average price of the Company's common shares meets or
exceeds $0.08 for ten consecutive trading days based on trades on the TSX Venture Exchange and
Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will
have a 30-day period to exercise the warrants.
As announced on June 9, 2023, the Company closed a first tranche of the private placement raising
gross proceeds of $210,000 through the issuance of 7,000,000 units.
Any securities issued under the Offering would be subject to a statutory hold period of four months and
one day from the date of issuance.
This Offering is subject to approval of the TSX Venture Exchange
("TSX-V").
It is anticipated that approximately 35% of the aggregate proceeds raised under the Offering will be
used for exploration expenditures related to the Gold Chain, Arizona project; approximately 30% will be
used for land management costs and property payments, approximately 20% will be used for working
capital and general corporate purposes, and approximately 15% will be used to pay management fees
to Company officers.
Gold79 may pay commissions to qualified finders in Canada in connection with the Offering. Any finder
fees paid would be in accordance with TSX-V policies.
The offered securities will not be registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act") and may not be offered or sold within the United States or to or for the account
or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of
the U.S. Securities Act.
This press release does not constitute an offer to sell, or the solicitation of an
offer to buy, securities of the Company in the United States.
About Gold79 Mines Ltd.
Gold79 Mines Ltd.
is a TSX Venture listed company focused on building ounces in the Southwest USA.
Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon
Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project
located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut,
Canada under JV by Agnico Eagle Mines Limited.
For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email:
Website:
www.gold79mines.com
.
Book a 30-minute meeting with our CEO
here
.
Stay Connected with Us:
Twitter: @Gold79Mines
Facebook:
https://www.facebook.com/Gold79Mines
LinkedIn:
https://www.linkedin.com/company/gold79-mines-ltd/
FORWARD-LOOKING STATEMENTS:
This press release may contain forward looking statements that are made as of the date hereof and
are based on current expectations, forecasts and assumptions which involve risks and uncertainties
associated with our business including the proposed private placement or any future private
placements, the uncertainty as to whether further exploration will result in the target(s) being
delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery
rates, grades and prices, estimated goals, expansion and growth of the business and operations,
plans and references to the Company's future successes with its business and the economic
environment in which the business operates. All such statements are made pursuant to the 'safe
harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian
securities legislation. Any statements contained herein that are statements of historical facts may be
deemed to be forward-looking statements. By their nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and uncertainties. We caution readers of this
news release not to place undue reliance on our forward-looking statements as a number of factors
could cause actual results or conditions to differ materially from current expectations. Please refer to
the risks set forth in the Company's most recent annual MD&A and the Company's continuous
disclosure documents that can be found on SEDAR at
www.sedar.com
. Gold79 does not intend, and
disclaims any obligation, except as required by law, to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR
FOR DISSEMINATION TO U.S NEWS WIRE SERVICES
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/171215