Element 29 Resources (ECU.V) has announced it is increasing the size of its previously announced private placement from C$3.5M to C$6.4M. All other terms of the unit financing remain unchanged. Units will be sold at C$0.50 per unit, with each unit consisting of one common share and half a warrant. Each full warrant will allow the warrant holder to acquire an additional share of Element 29 at C$0.70 during a three year period.
The proceeds of the financing will be used to fund the remainder of the Phase III drill program at Elida, where recent holes returned intervals such as 1,039.6 meters containing 0.54% copper-equivalent and 922 meters containing 0.54% CuEq.
Disclosure: The author has a long position in Element 29 Resources. Element 29 is a sponsor of this website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
