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Element 29 Resources Closes Private Placement of $2.86 Million
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2023) - Element 29 Resources Inc. ( ...
About this update from Gold'n Futures Mineral Corp.
[{"type":"text","content":"Element 29 Resources Closes Private Placement of $2.86 MillionVancouver, British Columbia--(Newsfile Corp. - September 13, 2023) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) (\"Element 29\" or the \"Company\") announces it has closed its non-brokered private placement financing of 19,045,253 units (the \"Units\") at a price of $0.15 per Unit for aggregate gross proceeds of $2,856,788 (the \"Financing\"). Each Unit issued 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\") at an exercise price of $0.25 per Warrant Share until September 13, 2025. Insiders of the Company participated in the Offering for an aggregate amount of 1,120,000 Units. Such participation is considered a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). In completing such transaction, the Company relied on exemptions from the formal valuation and minority shareholders approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the Insiders' participation in the Offering did not exceed 25% of the fair market value of the Company's market capitalization. In connection with the Offering and in accordance with the policies of the TSX Venture Exchange the Company paid aggregate cash finder's fees totaling $144,007. The net proceeds from the Financing will be used to fund exploration activities at the Company's Peru projects and for general working capital. All securities issued pursuant to the Financing are subject to a statutory four month and one day hold period expiring on January 14, 2024. Details of the Offering were previously announced on July 31, 2023 and September 7, 2023. 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 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 U.S. state securities...