(via TheNewswire)
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Highlights:
The Company has filed for an uplisting of its current OTC Pink cross-listed stock (OTC: ELMGF) to the OTCQB.
Aggressive reduction of Debt and AP, dramatically improving the balance sheet for stronger financial health and helping set the stage for future financings
New Shares for Debt totaling
$568,710.61 to clear quarterly Board Fees, payments to Officers and Management for backdated salary, and some creditors, priced at 0.23, aligning these parties along with investors from the Company’s most recent capital raise.
OTCQB Uplisting
In a move to align itself with the increasing interest from the investment community in
The OTCQB is the premiere marketplace for entrepreneurial and development stage US and international companies that are committed to providing a high-quality trading and information experience for their US investors. To be eligible to trade on the OTCQB, companies must be current in their financial reporting, pass a minimum bid price test, and undergo a company verification and management certification process every six months.
The listing of the Company’s common shares on the OTCQB remains subject to the approval of the OTCQB. Future announcements will be made regarding the status of the OTCQB application.
Significant Reduction of Debt
As previously reported, in conjunction with the sale proceeds of
Further capital derived from the sale of
Shares for Debt
Pursuant to settlement agreements, the Company has agreed to issue an aggregate of 1,244,396 common shares (“Shares”) at a deemed price of
The Company anticipates closing the Share Settlement on or about
The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debts by the issuance of the Shares to preserve the Company's cash for working capital.
The Company further announces the issuance of 1,244,396 Shares at a deemed value of
The insider portion of the Share Settlement including the trigger shares, is an aggregate of
About
The Company also holds a portfolio of 5 properties along the
The Company holds an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of
For more information about the Company, please visitwww.element79.gold
Contact Information
For corporate matters, please contact:
E-mail:jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail:investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 TheNewswire - All rights reserved., source