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Element 29 Resources Announces Upsize of $6.6 Million Non-Brokered Private Placement
All dollar references are in Canadian dollars Vancouver, British Columbia--(Newsfile Corp. - December 6, 2021) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: E
About this update from Element 29 Resources, Inc.
[{"type":"text","content":" All dollar references are in Canadian dollars Vancouver, British Columbia--(Newsfile Corp. - December 6, 2021) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (\"Element 29\" or the \"Company\") is pleased to announce that, due to strong investor demand for its non-brokered private placement previously announced on November 18, 2021, the Company has agreed to increase the size of the private placement by up to 6,000,000 units (\"Units\"), for aggregate gross proceeds of up to $6,600,000 (the \"Offering\"). Under the Offering, up to 11,000,000 Units may be issued at a price of $0.60 per Unit in the manner previously disclosed. 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 is exercisable for a common share at an exercise price of $0.85 and expires 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 ...