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Element79 Gold Announces Stock Option Grant, Provides Financial Update
Vancouver, BC - TheNewswire - July 20, 2023 - Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element 79 Gold", the "Company") announces that it has gra
About this update from Element79 Gold Corp.
[{"type":"text","content":"Vancouver, BC - TheNewswire - July 20, 2023 - Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (\"Element 79 Gold\", the \"Company\") announces that it has granted incentive stock options to Certain Directors, Officer and consultants of the Company to purchase an aggregate of 2,875,000 common shares of the Company at an exercise price of $0.05 per common share expiring three years from the date of grant. The stock options are granted in accordance with the Company’s Stock Option Plan, which was approved by the shareholders at the Company’s annual general meeting on June 22, 2022, and the policies of the Canadian Securities Exchange. Cancellation of Previously Announced Convertible Debenture The Company further announces that due to market conditions it will not be proceeding with its previously announced placement for the issuance of convertible debentures as announced May 5, 2023. The Company continues to have financing discussions with several parties regarding equity and/or debt capitalization, streaming financing options, project sales and alternative financing arrangements for its portfolio of projects with a priority of advancing Lucero, Maverick Springs, and two projects from its Battle Mountain portfolio, Clover and West Whistler. Further Strengthening the Balance Sheet Through Shares for Debt Agreements As a final financial update, the Company intends to further strengthen its Balance Sheet by entering debt settlement agreements with several creditors, settling $106,250 of corporate debts with 2,125,000 Shares priced at $0.05. About Element79 Gold Element79 Gold is a mining company focused on gold, silver and associated metals and committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's main focus is on two core properties: developing its previously-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it back into production in the near term; and its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties. Maverick Springs hosts a 43-101-compliant, pit-constrained mineral resource estimate reflecting an inferred resource of 3.71 million ounces of gold equivalent \"AuEq\"...