Business
Element 29 Announces Private Placement of up to $3,000,000
All dollar amounts are Canadian, unless otherwise noted. Vancouver, British Columbia--(Newsfile ...
About this update from Element 29 Resources, Inc.
[{"type":"text","content":"\nElement 29 Announces Private Placement of up to $3,000,000All dollar amounts are Canadian, unless otherwise noted.Vancouver, British Columbia--(Newsfile Corp. - July 29, 2024) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) (\"Element 29\" or the \"Company\") announces that it intends to complete a non-brokered private placement (the \"Financing\") of up to 12,000,000 units of the Company (the \"Units\") at a price of $0.25 per Unit for aggregate gross proceeds to the Company of up to $3,000,000. 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 36 months following the Closing Date at an exercise price of $0.50 per Warrant Share. The net proceeds from the Financing will be used as follows:A 4000-metre phase 3 diamond drill program and metallurgical test work on the Elida Porphyry Cu-Mo-Ag Deposit.Geological mapping on the Flor de Cobre Porphyry Cu-Mo Project.Environmental baseline studies for the drill permit application on the Paka Porphyry Cu (Mo-Au-Ag) Skarn Project. General working capital.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. All securities issued pursuant to the Financing will be 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 unlaw...