Business
Element 29 Announces Increase of Private Placement to $2.9 Million
Vancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - Element 29 Resources Inc. (T...
About this update from Element 29 Resources, Inc.
[{"type":"text","content":"Element 29 Announces Increase of Private Placement to $2.9 MillionVancouver, British Columbia--(Newsfile Corp. - September 7, 2023) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) (\"Element 29\" or the \"Company\") is pleased to announce due to investor demand it has increased the size of the non-brokered private placement offering previously announced on July 31, 2023. The Company now proposes to issue up to 19,333,333 units of the Company (the \"Units\") at a price of $0.15 per Unit for aggregate gross proceeds to the Company of up to $2,900,000 (the \"Financing\"). Each Unit issuable under the Financing consists of one common share in the capital of the Company (a \"Common Share\") and one non-transferable Common Share purchase warrant (a \"Warrant\"). Each Warrant is exercisable for one Common Share (a \"Warrant Share\") for a period of 24 months following the Closing Date at an exercise price of $0.25 per Warrant Share. The Company may compensate certain finders a cash fee equal to 7.0% of the aggregate gross proceeds raised from subscriptions under the Financing arranged by such finders. Certain directors and officers of the Company may acquire securities under the Financing. Any such participation would be considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to, or the consideration paid by such persons will exceed 25% of the Company's market capitalization. The Financing remains subject to the approval of the TSX Venture Exchange. The net proceeds from the Financing will be used to fund exploration activities at the Company's Peru projects and for general working capital. All securities issued pursuant to the Financing are subject to a statutory four month and one day hold period from date of issuance. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securit...