- OTCQB Uplisting: Aiming to broaden investor outreach and visibility.
- Strengthened Financial Position: Reduced debt and settled obligations through new share issuances.
- Community and Project Development: Building strong local partnerships and advancing key mining projects like Lucero.
Being an investor means staying up-to-date with the companies you are invested in or would like to invest in. In the mining sector, it’s often challenging to find companies that communicate openly and consistently share their progress, thereby fostering transparency and trust. This is where Element79 stands out. The company regularly shares updates on exploration discoveries, local community engagement, uplistings, and more. To help you stay informed, we have summarized the most recent updates on the company’s progress.
About Element79
Element79 Gold (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) is strategically advancing its operations in gold and silver mining. The company plans to restart production at its Lucero project in Arequipa, Peru, by 2024, capitalizing on its high-grade deposits. Additionally, Element79 Gold holds significant assets in Nevada’s Battle Mountain trend, including the promising Clover and West Whistler projects. Three of these properties are set to be sold to Valdo Minerals Ltd., with the deal expected to close in early 2024. In British Columbia, the company is expanding its footprint with a new drilling program and a Letter of Intent to acquire the Snowbird High-Grade Gold Project. Element79 Gold is also spinning out its Dale Property in Ontario through Synergy Metals Corp., optimizing its asset management strategy for enhanced shareholder value.
Element79 Gold Corp Uplisting and Financial Update
Element79 Gold Corp recently announced its application for an uplisting from the OTC Pink to the OTCQB, aiming to increase visibility and access to a broader investor base. This move is part of a comprehensive effort to enhance financial stability and position the company for future growth.
Key Developments
- Uplisting to OTCQB: The company has filed for an uplisting of its OTC Pink cross-listed stock (OTC: ELMGF) to the OTCQB Venture Market. This transition is expected to enhance the company’s profile within the investment community, providing a higher quality trading and information experience for investors.
- Debt Reduction and Financial Health: Element79 Gold Corp has aggressively reduced its debt and accounts payable, significantly strengthening its balance sheet. This strategic move not only improves financial health but also lays the groundwork for future financing opportunities.
- Debt Settlement and Share Issuance: The company has settled outstanding debts totaling $568,710.61 through the issuance of new shares, priced at $0.23 each. This settlement covers quarterly Board Fees, backdated salary payments to Officers and Management, and obligations to certain creditors. This initiative aligns the interests of these parties with those of recent investors from the company’s latest capital raise.
OTCQB Uplisting Details:
Element79 Gold Corp’s application to the OTCQB Venture Market aims to cater to the growing interest from U.S. investors. The OTCQB is recognized as a premier marketplace for entrepreneurial and development-stage companies, both in the U.S. and internationally. To qualify, companies must maintain current financial reporting, meet a minimum bid price, and undergo a biannual company verification and management certification process.
The uplisting to OTCQB is pending approval, and further updates will be provided as the application progresses.
Element79 Gold Corp Completes Oversubscribed Private Placement
Element79 Gold Corp has successfully closed the first tranche of its non-brokered private placement, raising a total of $288,815. The offering included:
- Units Issued: 1,255,717 units priced at $0.23 each.
- Composition of Units: Each unit consists of one common share and one warrant, with the warrant exercisable at $0.35 per share for four years.
- Acceleration Clause: An acceleration clause will apply if the share price reaches $0.40.
Element79 Gold Corp Announces Key Developments
Element79 Gold Corp has shared significant updates on its operations:
- Chachas Community Charter Ratification: The ratification allows Element79 to engage more effectively with local authorities, facilitating new contracts and tenders. This move is pivotal for advancing mining and other projects in the area.
- Revenue Generation Efforts: The company is working closely with local Artisanal Small-scale Miners (ASMs) at the Lucero mine to aggregate ore, which will be resold. This initiative not only boosts revenues but also strengthens community ties.
- Mergers and Acquisitions (M&A) Activities: Element79 is exploring potential acquisition opportunities within the region. The company aims to finalize a Letter of Intent by August 2024, which could significantly expand its portfolio and operational capabilities. This strategy aligns with their goal of growing their asset base and increasing production capacity.
Element79 Gold Corp Enhances Community Engagement and Project Development
Element79 Gold Corp has provided updates on its efforts to strengthen community relations and advance its projects:
- Chachas Community Engagement: The company is working closely with the Chachas community, which recently ratified its charter. This paves the way for long-term agreements on surface rights access for exploration and exploitation.
- Lucero Project Development: Ongoing discussions with the Lomas Doradas mining association aim to secure small-scale mining rights and cooperation for mineral extraction at Lucero.
- Cultural Integration: Element79 is actively participating in local events, such as the Vicuña Shearing ceremony, fostering deeper community ties.
Conclusion
Element79 Gold Corp is strategically positioning itself for growth through its application for an uplisting to the OTCQB, alongside significant financial restructuring efforts. The company’s proactive debt reduction and settlement strategies, combined with community engagement and M&A activities, set the stage for future growth and increased investor interest.
Marc has been involved in the Stock Market Media Industry for the last +5 years. After obtaining a college degree in engineering in France, he moved to Canada, where he created Money,eh?, a personal finance website. He then contributed to building Guerilla Capital, a Capital Markets company and FirstPhase Capital where he was head of research. At10xAlerts, he writes articles and conducts interviews on many sectors, including breaking news technology, metals & mining markets.
