Gold79 Mines Ltd. announced a non-brokered private placement of 16,666,667 units at a price of CAD 0.03 per unit for gross proceeds of up to CAD 500,000 on July 27, 2022. The transaction may involve participation from certain officers and directors of the company. Each unit consists of one common share and one common share purchase warrant.

Each whole warrant entitles the holder to purchase one common share at a price of CAD 0.05 per share for a period of 36 months following the date of issuance. The company may pay commissions to qualified finders in Canada in connection with the offering. Any finder fees paid would be in accordance with TSX-V policies.

Any securities issued in the transaction would be subject to a statutory hold period of four months and one day from the date of issuance. The transaction is subject to the approval of the TSX Venture Exchange. The company expects to close the transaction on August 10, 2022.