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Element79 Gold Provides Capitalization Update Draws From Equity Facility, and Announces Corporate Note Capital Raise
Non-Brokered Corporate Notes Financing for Up to CA$ 100,000 Vancouver, BC - TheNewswire - August 31, 2023 - Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7
About this update from Element79 Gold Corp.
[{"type":"text","content":"Non-Brokered Corporate Notes Financing for Up to CA$ 100,000 Vancouver, BC - TheNewswire - August 31, 2023 - Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (\"Element 79 Gold\", the \"Company\") a mining company focused on gold and silver, announces that it has recently leveraged its Crescita Equity Investment Facility (“Crescita Capital”), a catalyst for the Company’s growth since the original announcement on February 3, 2022. The Company has recently drawn CA$ 100,000 from this facility. In total, the Company has drawn $7,104,500 from Crescita Equity Facility since its inception, using the funding to support its operations and develop its portfolio of mining projects, having issued an aggregate total of 34,264,945 shares to Crescita. In addition to the above, Element 79 Gold has initiated today at market close a non-brokered financing of up to CA$ 100,000 in the form of Corporate Note Units (the \"Notes\"). Each Note Unit holding a 1-year maturity will consist of a minimum investment of $25,000. The principal amount of the Notes will bear interest at 18% simple interest per annum (calculated not in advance) with 100% warrant coverage (each a \"Warrant\"), and the Notes will be open for prepayment after 60 days. Each Warrant will be exercisable into a common share (each a \"Share\") of the Company at a price of $0.05 per Share. As of the time of this news release, the Company has signed capitalization commitments of the Notes for $100,000. Proceeds from the abovementioned draw from Crescita Capital as well as the sale of the Notes will be used for operations, including the annual payment of Nevada project claim lease fees and the advancement of the social contract development in Peru to allow the Lucero work plan to unfold. About Element79 Gold Corp. Element79 Gold is a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's main focus is on 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; The Company also holds a portfolio of 14 properties along the Carlin and Battle Mountain trend in Nevada, with the Clover and West Whistler projects are believed to ...