Source: Element 29 Resources.
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  • Element 29 Resources (ECU) has closed its non-brokered private placement for gross proceeds of $1,545,000
  • The company issued 7,725,000 units at $0.20 per unit
  • Net proceeds will be used for the completion of a planned initial mineral resource estimate for the Flor de Cobre project in southern Peru
  • Element 29 Resources Inc. is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects
  • Element 29 Resources Inc. opened trading at $0.17 per share

Element 29 Resources (ECU) has closed its previously announced non-brokered private placement for gross proceeds of $1,545,000.

Under the offering, the company issued 7,725,000 units at $0.20 per unit.

Each unit includes one common share and one-half non-transferable share purchase warrant. Each whole warrant will be exercisable for a common share at an exercise price of $0.30 for a period of 2 years from the closing date of the offering.

A total of 330,000 units were issued to company insiders.

The company paid Haywood Securities Inc. finder’s fees of $30,900 and Canaccord Genuity Corp. finder’s fees of $600.

Net proceeds will be used for the completion of a planned initial mineral resource estimate for the Flor de Cobre project in southern Peru and general working capital.

Element 29 Resources is a copper exploration and development company focused on advancing its portfolio of Peruvian projects toward development in one of the world’s premier mining jurisdictions.

Element 29 Resources Inc. (ECU) opened trading at $0.17 per share.


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