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MONTREAL, Feb. 1, 2017 /CNW Telbec/ - Element 79 Capital Inc. (NEX: EMS.H) ("Element 79" or the "Company"), further to the news releases of December 14, 2016 and December 30, 2016, announced today that it has closed the second tranche of a non-brokered private placement by issuing 3,040,000 common shares, at a price of $0.05 per share, for gross proceeds to the Company of $152,000 (the "Offering"). No warrants were issued.
In connection with the closing of the Offering, the Company paid a cash finder's fee of $2,000 to an arm's length registered dealer. No Broker warrants were issued.
The Offering is subject to approval of the NEX Board of the TSX Venture Exchange (the "NEX"). All common shares issued in connection with the Offering are subject to a 4 month hold period expiring on June 1, 2017. Proceeds from the Offering shall be used for investigating project acquisitions and general corporate purposes. When combined with the gross proceeds of the first tranche, which closed on December 30, 2016, the Company has raised an aggregate of $400,000.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Element 79 Capital Inc.
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For further information: Element 79 Capital Inc., Edward Ierfino, President and Chief Executive Officer, (514) 562-1374.