E79 Resources Announces $6,000,000 Non-Brokered Private Placement
VANCOUVER, BC, Nov. 12, 2020 /CNW/ - E79 Resources Corp. (CSE: ESNR) ("E79" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") of up to 13,333,333 common shares of E79 (the "Shares") at a price of $0.45 per Share for gross proceeds of up to $6,000,000.
"The Company is excited to announce this financing, that upon closing, will allow us to immediately begin an aggressive exploration program on the Beaufort and Myrtleford projects," said Rory Quinn, E79's President & CEO. "This opportunity is highlighted by significant alluvial production at both properties where no hard rock source has been defined to date, as well as the Myrtleford project hosting dozens of historical high grade mines. Well defined geochemical gold anomalies exist based on both historical work and more recent exploration undertaken by E79 Pty Ltd., and considerable exploration potential exists for Fosterville-style mineralization."
Closing of the Offering is subject to the Company's filing requirements with the CSE. E79 intends to use the proceeds of the Offering to close its acquisition of E79 Resources Pty Ltd., as described in the Company's October 26, 2020 news release, and conduct exploration on the Beaufort and Myrtleford projects located in Victoria, Australia.
All Shares issued under the private placement are subject to a hold period of four months and one day from closing. The Company may pay finders fees on the Offering, as permitted by applicable securities laws and CSE policies.
About E79 Resources Corp.
E79 Resources is a CSE listed gold exploration company focused on applying both the most advanced exploration technologies and the most recent geological theories to the two gold projects in Victoria, Australia pending acquisition. Management believes that the Beaufort and Myrtleford properties present the Company with the potential for Fosterville-type mineralization. The Company continues to evaluate corporate development opportunities in the underexplored and prolific Victorian gold fields.
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.
SOURCE E79 Resources Corp.
For further information: Rory Quinn, President and Chief Executive Officer, E79 Resources Corp., Email: email@example.com