Gold79 Announces Private Placement Financing of up to $500,000 and Issues Shares for Gold Chain Anniversary Payment

About this update from West Point Gold Corp.

[{"type":"text","content":"Gold79 Announces Private Placement Financing of up to $500,000 and Issues Shares for Gold Chain Anniversary PaymentOttawa, Ontario--(Newsfile Corp. - July 28, 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 $500,000, comprising 16,666,667 units (each a \"Unit\"), at $0.03 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, \"While we are drill ready at Gold Chain and expect to receive drill permits to be drill ready in the near-term at Jefferson Canyon, market conditions suggest that these programs may have to wait. This financing puts us in a position to both weather the current market and pursue other corporate initiatives.\" Mr. Macpherson continued, \"Management expects to demonstrate their commitment to the Company by subscribing for a significant component of the financing, while at the same time the CEO and Executive Chairman have voluntarily reduced their compensation by 50%.\"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 Offering is August 10, 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, th...

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