Element 29 Announces Upsized Private Placement of up to $6,400,000

Core Viewpoint - Element 29 Resources Inc. has announced an increase in its non-brokered private placement financing to 12,800,000 units at a price of $0.50 per unit, aiming for gross proceeds of up to $6,400,000 [1][3]. Financing Details - Each unit consists of one common share and one-half of a non-transferable common share purchase warrant, with each whole warrant exercisable for one common share at an exercise price of $0.70 for 36 months [2]. - The net proceeds will fund exploration activities at the company's projects in Peru, particularly the Phase-III drill program at the Elida deposit, and for general working capital [3]. Related Party Transactions - Certain directors and officers may participate in the financing, which qualifies as a related party transaction but is exempt from formal valuation and minority shareholder approval requirements [4]. Regulatory Approval - The financing is subject to approval from the TSX Venture Exchange, and all securities issued will have a statutory hold period of four months and one day from the issuance date [5]. Company Overview - Element 29 is focused on exploring and developing Tier-1 copper deposits in Peru, which is recognized as a low-cost and low-risk mining jurisdiction [7]. - The company's main objective is to expand the Elida Porphyry Cu-Mo-Ag deposit, alongside three other early-stage porphyry copper projects covering over 25,000 hectares [8].