I had a hunch that the "trade halt" might involve Eric E79 Resources arranges $8-million financing
2021-06-15 14:02 ET - News Release Mr. Rory Quinn reports
E79 RESOURCES ANNOUNCES $8 MILLION FINANCING, LED BY ERIC SPROTT
E79 Resources Corp. has arranged a non-brokered private placement financing at a price of $1 per share for gross proceeds of $8-million, including a lead order of $5-million from Eric Sprott and a $3-million order from a strategic investment fund.
Rory Quinn, chief executive officer of the company, stated: "This financing represents a landmark for financing for 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 Corp. 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.
About E79 Resources Corp.
E79 Resources is focused on exploring for Fosterville-type mineralization at its Beaufort and Myrtleford properties in the Victorian goldfields in 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.