Vancouver, B.C., June 15, 2021. E79 Resources Corp. (CSE: ESNR, OTCQB: ESVNF) (“E79” or the “Company”) is pleased to announce it has arranged a non-brokered private placement financing at a price of $1.00 per share for gross proceeds of $8,000,000, including a lead order of $5,000,000 from Eric Sprott, and a $3,000,000 order from a strategic investment fund.
Rory Quinn, Chief Executive Officer of the Company, stated: “This financing represents a landmark for financing the Company, and we very much appreciate the strong support from Mr. Sprott. Once this financing closes, we will be in a robust financial position with over $12-million in cash. We look forward to the assay results from the remaining drill holes at Happy Valley and anticipate reviewing follow up drilling to expand on results once all assays have been received.”
The financing is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. The Company may pay finders’ fees commensurate with regulatory policies of the private placement in cash or securities. Eventus Capital Corp., and Research Capital Corporation have been appointed as finders in connection with the offering. The financing is subject to the Company’s filing requirements with the Canadian Securities Exchange.
Proceeds from the financing will be used for exploration, corporate development and general working capital purposes.
President, Chief Executive Officer and Director
About E79 Resources Corp.
E79 Resources is focused on exploring for Fosterville-type mineralization at its Beaufort and Myrtleford properties in the Victorian Goldfields, Australia. At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region. The Myrtleford property represents the consolidation of an entire historic gold camp with over 70 past producing gold mines on the property, where the bulk of historic mining stopped at the water table. The Company continues to evaluate corporate development opportunities in the underexplored and historically prolific Victorian Goldfields.
Cautionary Note Regarding Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “opportunity”, “possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although E79 believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of gold, copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.