Gold79 Announces Private Placement Financing of up to $1,000,000

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[{"type":"text","content":"Gold79 Announces Private Placement Financing of up to $1,000,000Ottawa, Ontario--(Newsfile Corp. - November 7, 2022) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (\"Gold79\" or the \"Company\") is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of up to $1,000,000, comprising 28,571,428 units (each a \"Unit\"), at $0.035 per Unit (the \"Offering\"). Each Unit consists of one common share of the Company and one whole common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.05 per share for a period of 36 months following the date of issuance. Additionally, the Warrants will be callable during the 36 month period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company's common shares meets or exceeds $0.08 for ten consecutive trading days based on trades on the TSX Venture Exchange and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.Derek Macpherson, President, CEO & Director stated, \"In connection with the recently announced Exploration and Option Agreement for the Jefferson Canyon project, Kinross Gold Corp. has committed to subscribe for $275,000 (US$200,000) in the private placement. Additionally, Gold79 management and directors expect to demonstrate their commitment to the Company by subscribing for a component of the financing. It is anticipated that this financing will put the Company in a position to execute a second round of drilling at the Gold Chain project, Arizona.\"Any securities issued under the Offering would be subject to a statutory hold period of four months and one day from the date of issuance. This Offering is subject to approval of the TSX Venture Exchange (\"TSX-V\"). The anticipated closing date of the first tranche of the Offering is November 14, 2022.The Offering will be conducted by the Company utilizing the Existing Security Holder Prospectus Exemption under OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and other equivalent provisions of applicable securities laws in other jurisdictions in Canada (collectively, the \"Existing Security Holder Exemptions\") as well as the \"accredited investor\" exempti...

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