Vancouver, British Columbia – TheNewswire - April 16, 2024 – 79 Resources Ltd. - (CSE:SNR) - (“79 Resources” or the "Corporation" or the “Issuer”) reports that it intends to seek capital by way of a non-brokered financing described herein.

Common Share Unit Financing

The Corporation intends to conduct a non-brokered common share unit financing (the "Financing") consisting of up to 2,000,000 common share units (the “Units”) to be issued at a price of $0.05 per Unit.

Each Unit shall consist of one common share of the Corporation (a "Unit Share") and one common share purchase warrant (a “Warrant”) that entitles the holder of a Warrant, upon further payment to the Corporation, to acquire one additional common share of the Corporation (a "Warrant Share") at an exercise price of $0.05 per Warrant Share on any date prior to the date which is 60 months following the closing date of the Financing, or tranche thereunder.

79 Resources plans to use the proceeds of the Financing for working capital purposes.

Additional Important Information

To the extent there is a successful closing of the Financing or tranche thereof, 79 Resources may pay a 6% cash finder’s fee on certain subscriptions under the Financing, which excludes cash finder’s fees on subscriptions by Insiders (as that term is defined by securities laws) who may in turn participate for greater than 25% of the Financing.

If completed, either in part or in whole, the Financing will be subject to all applicable regulatory approvals and customary four-month hold periods on securities issued thereunder (as pursuant to applicable securities laws of Canada).

The Corporation requires working capital to remain a going-concern (see also “Risks and Uncertainties” sections of the Corporation’s financial reports available on SEDAR+)

Without limitation, in the absence of securing both immediate as well as future capital of material amount, the Corporation, by reference to its current early-stage, non-revenue producing state, anticipates that it may not be able to remain a going-concern and/or to be able to sustain or rationalize a public listing (see also “Risks and Uncertainties” sections of the Corporation’s financial reports available on SEDAR+).

The Corporation cautions that there is no assurance that it will be able to source funds and/or complete the Financing, in part or in whole.

About 79 Resources Ltd.

79 Resources is a Vancouver-based junior mining exploration company. Traded on the Canadian Securities Exchange under the symbol SNR, the Corporation seeks to acquire, explore and develop mineral exploration projects. 79 Resources currently holds the Five Point Copper-Gold Project in British Columbia and the North Preston Uranium Project in Saskatchewan. For additional information, please visit www.79resources.com.

The Corporation is subject to various risks and uncertainties, including those risks and uncertainties set out in public filings made by the Issuer, such public filings and other important disclosures available through SEDAR+ (www.sedarplus.ca) and the Corporation’s Disclosure Hall on the CSE (https://thecse.com/listings/79-resources-ltd/#disclosure).

On Behalf of the Board of Directors

Ryan Kalt
Chairman & Chief Executive Officer
Email: info@79resources.com
Tel: 604.687.2038

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Canadian securities laws. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggest," "plan," "believe," "intend,", “intention” "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties, including but not limited to the number of Units issued, if any, under the Financing and the closing, if any, of the Financing, as well as the Corporation’s ability to sustain itself as a going-concern and/or a publicly listed entity. Actual results may differ materially from those currently expected or forecast in such statements.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.