Element 29 Resources Inc. announced a non-brokered private placement of up to 13,333,333 units at an issue price of CAD 0.15 per unit for gross proceeds of up to CAD 1,999,999.95 on July 31, 2023. Each Unit consists of one common share and one non-transferable common share purchase warrant. Each warrant is exercisable for one common share for a period of 24 months following the closing date at an exercise price of CAD 0.25 per warrant share.

The company may compensate certain finders a cash fee equal to 7.0% of the aggregate gross proceeds raised from subscriptions. The transaction remains subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the financing are subject to a statutory four month and one day hold period from date of issuance.