Element 29 plans C$12M private placement to fund Peru copper projects

Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) announced a non-brokered private placement of up to 7,272,727 common shares at C$1.65 per share, seeking gross proceeds of up to C$12,000,000. The company said the offering is fully committed with participation from strategic investors.

Net proceeds will fund exploration activities across the company's copper project portfolio in Peru, including its flagship Elida project, as well as the Flor de Cobre and Paka projects.

The company may pay certain finders a cash fee of 7% of gross proceeds raised from subscriptions arranged by those finders. All securities issued under the placement will be subject to a statutory four-month-and-one-day hold period from the date of issuance.

The placement remains subject to final acceptance by the TSX Venture Exchange.

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