Element 29 closes $6.32-million private placement

Executive Summary

• Element 29 Resources Inc. closed a non‑brokered private placement of 12,649,000 units at $0.50 per unit, generating up to $6.324 million in gross proceeds.
• Net proceeds are earmarked for exploration at the company’s Peru projects, notably the Phase III drill program at the flagship Elida Cu‑Mo‑Ag deposit, and for general working capital.
• Insiders purchased 330,000 units; finders’ fees of $254,415 were paid in accordance with TSX Venture Exchange policies.

Key Details

• Placement Size & Pricing: 12,649,000 units @ $0.50 per unit → gross proceeds up to $6,324,500.
• Unit Composition: Each unit = 1 common share + ½ non‑transferable common share purchase warrant.
• Warrant Terms: Warrants exercisable for one common share at $0.70 per share until August 19, 2028.
• Closing Date & Hold Period: Effective August 19, 2025; statutory hold period expires December 20, 2025.
• Use of Proceeds: Finance exploration activities on Peru projects, specifically Phase III drilling at the Elida porphyry Cu‑Mo‑Ag deposit, and for general working capital.
• Insider Participation: Insiders bought 330,000 units; transaction treated as a related‑party under MI 61‑101, relying on exemptions because insider participation did not exceed 25 % of fair market value.
• Finders’ Fees: Paid aggregate cash finders’ fees of $254,415 per TSX Venture Exchange policy.
• Prior Announcements: Financing details previously disclosed on July 17, 2025 and August 1, 2025.

Notable Quotes

(No direct quotes were provided in the release.)