Vancouver, B.C., June 23, 2021. E79 Resources Corp. (CSE: ESNR, OTCQB: ESVNF) (“E79” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement financing for gross proceeds of $8,000,000. The Company has issued 8,000,000 common shares at a price of $1.00 per common share, which included a lead order of $5,000,000 from Eric Sprott, and a $3,000,000 order from a strategic investment fund.
Rory Quinn, E79’s President and Chief Executive Officer stated: ”We would like to thank Mr. Sprott for his strong support. With over $12 million in cash and an exciting high-grade gold intercept of 11.1m of 160g/t gold (June 14, 2021) in early drilling at Happy Valley, we can create substantial value for shareholders over the coming months. E79 will wrap up 2 planned drill holes at its Beaufort property, before a planned return to Happy Valley, on its Myrtleford property. More to come.”
All common shares issued under the financing, including any finder securities, are subject to a four-month hold period under applicable Canadian securities laws. The Company has agreed to pay finders’ fees of up to 7 per cent in cash or securities. Eventus Capital Corp. and Research Capital Corporation have been appointed as finders in connection with the offering. Red Cloud Securities Inc. acted as Advisor to E79 Resources.
Proceeds from the financing will be used for exploration, corporate development and general working capital purposes.