VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / 79 Resources Ltd. (CSE:SNR) ('79 Resources' or the 'Company') is pleased to announce that further to its press release dated October 27, 2021, the Company has closed a first tranche of its non-brokered private placement. The Company issued 1,575,000 non-flow-through common share units (the 'Units') at a price of $0.10 per Unit and 1,077,000 flow-through common share units (the 'FT Units') at a price of $0.125 per FT Unit, for aggregate gross proceeds of $292,152.00.
Each Unit is comprised of one common share (a 'Share') and one transferable Share purchase warrant (a 'Warrant') of the Company and each FT Unit is comprised of one flow-through common share (a 'Flow-Through Share') and one half of one transferable Share purchase warrant. Each whole Warrant will entitle the holder to purchase one Share (a 'Warrant Share') at a price of $0.20 per Warrant Share for a 24-month period. The shares and warrants comprising the units are subject to a 4 month hold period expiring April 1, 2022.
Finders' fees of $19,570 and 178,560 finder's warrants were paid to arm's-length parties. Finder's warrants entitle the finder to purchase one common share in the Company at a price of $0.20 for a period of 24 months from the date of closing.
Proceeds raised from the Private Placements will, as applicable, be used to advance the Company's exploration projects, including its recently acquired Five Point Property (a district-scale exploration opportunity covering nearly 120,000 hectares in central British Columbia that is located contiguous to Sun Summit Minerals Corp.'s Buck Project), and for general working capital.
About 79 Resources Ltd.
79 Resources is a Canadian-based junior mining exploration company. Traded on the Canadian Securities Exchange under the symbol SNR, the company seeks to acquire, explore and develop high-potential mining projects. The Company is currently focused on the Five Point Copper-Gold Project (British Columbia) and the North Preston Uranium Project (Saskatchewan).
ON BEHALF OF THE BOARD
Ryan Kalt, Director
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Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: 79 Resources Ltd.
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