Source: Element 29 Resources.
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  • Element 29 Resources (ECU) has closed its oversubscribed, non-brokered private placement for aggregate gross proceeds of $6,898,800 million
  • The company issued 11,498,000 units at a price of $0.60 per unit
  • The net proceeds will be used for a planned 3,700 metre drill program at the Flor de Cobre Project
  • Element 29 is an emerging copper exploration and development company focused on a portfolio of Peruvian projects
  • Element 29 Resources Inc. (ECU) opened trading at C$0.59 per share

Element 29 Resources (ECU) has closed its oversubscribed, non-brokered private placement for aggregate gross proceeds of $6,898,800 million.

The company issued 11,498,000 units at a price of $0.60 per unit. Each unit includes one common share and one-half common share purchase warrant.

Each whole purchase warrant is exercisable for a common share at a price of $0.85 and will expire on December 14, 2024.

The company paid Haywood Securities Inc. and Canaccord Genuity Corp. cash finder’s fees totalling $116,262.

The net proceeds will be used for a planned 3,700-metre drill program at the Flor de Cobre Project, the completion of a planned initial mineral resource estimate for the Elida Project, and general working capital.

All securities issued are subject to a four-month and one day hold period. The offering is subject to the receipt of all necessary approvals, including the final approval of the TSXV.

Element 29 Resources Inc. is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects towards development.

Element 29 Resources Inc. (ECU) opened trading at C$0.59 per share.

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