Business
Element 29 Announces Private Placement of up to $3 Million
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2021) - Element 29 Resources Inc. ...
About this update from Element 29 Resources, Inc.
[{"type":"text","content":"Element 29 Announces Private Placement of up to $3 MillionVancouver, British Columbia--(Newsfile Corp. - November 18, 2021) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (\"Element 29\" or the \"Company\") is pleased to announce that the Company intends to complete a non-brokered private placement of up to 5 million Units (the \"Units\") at a price of $0.60 per Unit for aggregate gross proceeds of up to $3 million (the \"Offering\"). Each Unit comprises one common share of Element 29 and one-half common share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant will be exercisable for a common share at an exercise price of $0.85 and will expire three years from the closing date of the Offering.The Company may compensate certain finders a cash fee equal to 6% of the aggregate gross proceeds raised from subscriptions under the Offering arranged by such finders.The net proceeds of the Offering will be used for a planned 3,700 metre drill program at the Flor de Cobre Project, the completion of a planned initial mineral resource estimate for the Elida Project, and general working capital for the Company. Closing is subject to the conditional acceptance of the TSX Venture Exchange (the \"TSXV\"). All securities issuable under the Offering will be subject to a four-month hold period from the date of closing.This news 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 Securities Act of 1933, as amended (the \"1933 Act\") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.About Element 29 Resources Inc.Element 29 Resources Inc. i...