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Element79 Gold Announces Completion of Debt Settlement and Closing of First Tranche of Private Placement
Vancouver, British Columbia – TheNewswire - March 14, 2024 - Element79 Gold Corp (the "Company") (CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) a mining company focused on t
About this update from Element79 Gold Corp.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - March 14, 2024 - Element79 Gold Corp (the \"Company\") (CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) a mining company focused on the exploration for and production of gold and silver, is pleased to unveil updates on strategic initiatives aimed at bolstering the Company’s financial position and enhancing shareholder value. Completion of Share for Debt Settlements and Debt Conversion Pursuant to its previous press releases (November 17 and December 19, 2023) the Company is pleased to announce that it has, through the approved shares for debt settlements, cleared a total of $3.76 million in in corporate debt allowing for a balance sheet that allows for growth. The Debt settlement and issuance of 3.76 million shares was approved by shareholders at a Special meeting held December 19, 2023. Also pursuant to the Special Meeting shareholders approved of the assignment of debt from Crescita Capital LLC to Tellus LLC, a reputable third party, that allowed them to convert a $2 million promissory note into Element79 Gold Corp shares at the same $0.10 conversion price. James C. Tworek, CEO of Element79 Gold Corp, states: \"The Company’s Board and Management team have expressed a strong commitment to improving the balance sheet which we feel the completion of these Debt settlements has allowed us to do that. The welcomed addition of Tellus LLC as a strategic shareholder signifies a shared vision to transform Element79 Gold Corp into a producing mining company. Further work securing immediate-term financing for the advancement of project development is finding significant traction with strategic investors. reinforcing the company's ability to execute its 2024 goals.” Closing of First Tranche of Private Placement The Company further notes that pursuant to its press release of March 11, 2024, it has received and closed on an aggregate of $250,000 and issued 1,086,956 Units of its Non-Brokered Private Placement (the “Placement”). The Placement consists of Units of the Company (each a “Unit”) at a purchase price of $0.23 per Unit. Each Unit will be comprised of one common share of the Company (a “Common Share”) and one common share purchase warrant (each a “Warrant”). Each Warrant will be exercisable for one Common Share at a price of $0.35 per Common Share for two (2) years from the date of issua...