NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Vancouver, British Columbia, April 30, 2024 – TheNewswire – 79 Resources Ltd. - CSE:SNR -(“79 Resources” or the "Corporation" or the “Issuer”) is pleased to report that it has closed a non-brokered common share unit financing (the "Unit Financing") by way of the issuance of 1,800,000 (the “Units”) at a price of $0.05 per Unit. Each Unit consisted 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 Unit Financing (see also news release, 79 Resources Ltd. Announces Financing, dated April 16, 2024).

Closing of the Unit Financing occurred today, April 30, 2024.

The Units issued under the Unit Financing remain subject to final regulatory approval and shall be subject to a four-month and a day hold period pursuant to applicable securities laws of Canada.

There were no finder’s fees paid by the Corporation in the Unit Financing.

Following completion of the Unit Financing, the Corporation has 22,236,400 common shares issued and outstanding.

MI 61-101 Disclosure

One insider of the Corporation participated in the Unit Financing for an aggregate total of $90,000 in Units. The participation by such insider is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Corporation has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as no securities of the Corporation are listed or quoted on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and neither the fair market value of the Units to be acquired by the participating insider nor the consideration to be paid by such insider exceeds $2,500,000. The Corporation did not file a material change report more than 21 days before the expected closing of the Unit Financing as the details of the participation therein by related parties of the Corporation were not settled until shortly prior to closing of the Unit Financing and the Corporation wished to close on an expedited basis for sound business reasons.

About 79 Resources Ltd. - CSE:SNR

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 Corporation, such public filings available through SEDAR+ (www.sedarplus.ca), as well as through the Corporation’s Disclosure Hall located on the CSE website (https://thecse.com/listings/79-resources-ltd/#disclosure).

On Behalf of the Board of Directors

Nicholas Koo
Chief Financial 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 matters related to the Unit Financing, such as any final regulatory approvals required and therein the ability of the Corporation to successfully complete the Unit Financing. 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.