Fresh funds being raised

The realignment at project level is already well underway. The Canadian company Element79 Gold (WKN A3EX7N / CSE ELEM) is now focusing primarily on restarting production at the historic Lucero gold and silver mine in Peru. However, important progress has also been made on the corporate side.

Element79 has now announced that it has been able to remove 3.76 million dollars from its balance sheet by settling liabilities through the issue of shares, as approved at an extraordinary general meeting. According to the company, this sets the course for growth. A total of 3.76 million shares were issued for this purpose, it added.

The Extraordinary General Meeting also approved the transfer of liabilities from Crescita Capital LLC to Tellus LLC, a renowned third party. This enabled a promissory note loan in the amount of USD 2 million, also at USD 0.10 per share, to be converted into shares in Element79 Gold.

Balance sheet adjusted

James C. Tworek, CEO of Element79 Gold Corp. stated, “The Company’s Board and management team have expressed a strong commitment to improving the balance sheet and we believe that the completion of the debt extinguishment has enabled us to achieve this goal. The welcome addition of Tellus LLC as a strategic shareholder supports the shared vision of transforming Element79 Gold Corp. into a producing mining company. Further work to secure immediate funding to continue project development has been well received by strategic investors. This strengthens the Company’s ability to achieve its 2024 targets.”

First tranche of capital increase completed

At the same time, Element79 is pleased to announce that, as announced on March 11, it has raised C$250,000 of new capital through the issuance of 1,086,956 units at C$0.23 per unit of the Company in a private placement. Each unit, it was announced, consists of one common share of Element79 and one warrant with an exercise price of $0.35 for two years from the date of issuance of the warrants.

However, the exercise of the warrants can be accelerated if the company’s shares trade above CAD 0.40 on the North American stock exchange on which they are listed for ten consecutive days. In the meantime, Element79 intends not only to complete the initial target of CAD 400,000 of the private placement, but also to increase the volume of the financing to CAD 600,000.

Conclusion: It is good to see that Element79 Gold is now making progress on all fronts. Clearing the balance sheet of the aforementioned liabilities is an important step in paving the way for further growth. We will continue to follow this interesting story.

Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the opportunity to publish comments, analyses and news on This content is intended solely for the information of readers and does not represent any kind of call to action; neither explicitly nor implicitly are they to be understood as a guarantee of any price developments. Furthermore, it is in no way a substitute for individual expert investment advice and does not constitute an offer to sell the share(s) in question or a solicitation to buy or sell securities. This is expressly not a financial analysis, but an advertising/journalistic text. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between GOLDINVEST Consulting GmbH and its readers or the users of its offers, as our information relates only to the company and not to the reader’s investment decision.

The acquisition of securities involves high risks that can lead to the total loss of the capital invested. The information published by GOLDINVEST Consulting GmbH and its authors is based on careful research, but any liability for financial losses or the guarantee that the content of the articles offered here is up-to-date, correct, appropriate and complete is expressly excluded. Please also note our terms of use.

According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, clients or employees of GOLDINVEST Consulting GmbH hold shares in Portofino Resources and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares in the company at any time. Under certain circumstances, this may influence the respective share price of the company. GOLDINVEST Consulting GmbH currently has a contractual relationship with the company about which reports are published on the GOLDINVEST Consulting GmbH website, in the social media, on partner sites or in emails, which also constitutes a conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by GOLDINVEST Consulting GmbH for publications on Portofino Resources. Furthermore, we cannot rule out the possibility that other market letters, media or research companies may discuss the stocks we recommend during the same period. Therefore, there may be a symmetrical generation of information and opinions during this period. No guarantee can be given for the accuracy of the prices quoted in the publication.

Latest News

Latest Videos

Load More