On August 29, 2024, Element 29 Resources Inc., a company focused on copper exploration and development, announced the completion of a non-brokered private placement financing. The financing involved the issuance of 13,058,984 units at a price of $0.25 per unit, resulting in total gross proceeds of $3,264,746. Each unit included one common share and one non-transferable common share purchase warrant, exercisable at $0.50 per warrant share until August 29, 2027.
Insiders of the company participated in the offering, contributing 2,150,000 units. The company paid aggregate cash finder’s fees of $92,767.50 in connection with the offering. The net proceeds from the financing will be used for exploration activities at the company’s Peru projects and for general working capital. All securities issued are subject to a hold period expiring on December 30, 2024.
Element 29 Resources Inc.’s growth strategy focuses on advancing its Elida Porphyry Copper Deposit and Flor de Cobre Porphyry Copper Project in Peru. The company’s management has a proven track record in the industry and aims to deliver value to shareholders. The projects benefit from nearby infrastructure, including roads, powerlines, ports, water, and a skilled workforce.
Please note that the securities issued have not been registered under the United States Securities Act of 1933 and may not be offered or sold within the United States unless registered or in accordance with an exemption. For more information about Element 29 Resources Inc., please visit their website.
