Gold79 Announces Gold Chain Share Payment

Rhea-AI Summary

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) has announced its intention to issue 306,396 common shares to fulfill a US$48,000 (CAD$66,024) share payment obligation. This payment is part of an option agreement for a portion of the company's Gold Chain project in Arizona. The issued shares will be subject to a four-month and one-day statutory hold period from the date of issuance. The transaction is pending TSX-V approval.

Positive

• Fulfilling option agreement obligations for the Gold Chain project in Arizona
• Preserving cash by issuing shares instead of making a cash payment

Negative

• Potential dilution of existing shareholders' ownership due to new share issuance

Ottawa, Ontario--(Newsfile Corp. - July 23, 2024) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") announces that the Company intends to issue 306,396 common shares of the Company in connection with a US$48,000 (CAD$66,024) share payment due under the option agreement covering a portion of the Company's landholdings for the Gold Chain project in Arizona.

The common shares issued will have a statutory hold period of four months and one day from the date of issuance. This shares-for-debt transaction remains subject to TSX-V approval.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at its Gold Chain project in Arizona and advancing its Tip Top Project in Nevada.

For further information regarding this press release contact:

Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with our CEO here.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future private placement financing, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedarplus.ca. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217504

FAQ

How many shares is Gold79 Mines (AUSVF) issuing for the Gold Chain project payment?

Gold79 Mines intends to issue 306,396 common shares for the Gold Chain project payment.

What is the value of the share payment Gold79 Mines (AUSVF) is making for the Gold Chain project?

The share payment is valued at US$48,000 (CAD$66,024).

Where is Gold79 Mines' (AUSVF) Gold Chain project located?

The Gold Chain project is located in Arizona.

What is the hold period for the new shares issued by Gold79 Mines (AUSVF)?

The new shares will have a statutory hold period of four months and one day from the date of issuance.

What approval is Gold79 Mines (AUSVF) waiting for regarding this share issuance?

Gold79 Mines is waiting for TSX-V approval for this shares-for-debt transaction.