/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES/
MONTREAL, Dec. 9, 2016 /CNW Telbec/ - Element 79 Capital Inc. (TSX VENTURE: EMS.P) ("Element 79" or the "Company"), announced today that as a result of the Company's inability to complete its previously-announced qualifying transaction involving the Abernethy Gold Project from Benton Resources Inc. within the time period prescribed by the TSX Venture Exchange (the "Exchange"), the Company has applied for a transfer to the NEX board of the Exchange (the "NEX Transfer") which the Exchange has accepted. The Exchange has issued a bulletin with respect to the NEX Transfer and the change of the Company's symbol from EMS.P to EMS.H. effective November 4, 2016.
The Company obtained the requisite shareholder approval (exclusive of the votes of non-arm's length parties to the Company) for the NEX Transfer at a meeting of its shareholders held on February 24, 2016. As required under Exchange policy 2.4, an aggregate of 2,000,000 common shares of the Company subject to escrow and held by the Company's officers, directors and 10% shareholders, have been cancelled and returned to treasury in order to complete the NEX Transfer.
There is no change in the Company's name, no change in its CUSIP number and no consolidation of capital. It is expected that trading in the Company's common shares will be reinstated on Tuesday, December 13, 2016.
The Company also reports that it has settled its outstanding loan receivable from Canadian Gold for $50,000. The Company had previously fully impaired the loan receivable. Accordingly, the Company has relinquished its claims over the Pillar Gold Property.
Management will continue to seek acquisition opportunities with a view toward completing a qualifying transaction.
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.
For further information: Element 79 Capital Inc., Edward Ierfino, President and Chief Executive Officer, (514) 562-1374.