VANCOUVER, BC, June 15, 2021 /CNW/ - 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 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 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.
Rory Quinn
President, Chief Executive Officer and Director