What To Expect From E79 Resources Corp (OTCMKTS:ESVNF) (CSE:ESNR)
E79 Resources Corp (OTCMKTS:ESVNF) (CSE:ESNR) stock ended higher on an unusual volume Tuesday.
Major Trigger:
E79 Resources Announces $8 Million Financing, Led by Eric Sprott
Key Highlights:
- ESVNF announced it has arranged a non-brokered private placement financing at a price of $1.00 per share for gross proceeds of $8,000,000, including a lead order of $5,000,000 from Eric Sprott, and a $3,000,000 order from a strategic investment fund.
- Rory Quinn, Chief Executive Officer of the Company, stated: “This financing represents a landmark for financing for the Company, and we very much appreciate the strong support from Mr. Sprott. Once this financing closes, we will be in a robust financial position with over $12-million in cash. We look forward to the assay results from the remaining drill holes at Happy Valley and anticipate reviewing follow up drilling to expand on results once all assays have been received.”
- The financing is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. The Company may pay finders’ fees commensurate with regulatory policies of the private placement in cash or securities. Eventus Capital Corp., and Research Capital Corporation have been appointed as finders in connection with the offering. The financing is subject to the Company’s filing requirements with the Canadian Securities Exchange.
Market Reaction
On Tuesday, ESVNF stock jumped 15 cents or 16% to $1.12. Total volume for the session stood at 107K shares, well above its average volume of 15K shares. The stock moved within a wide range of $0.9093 – 1.3403. Over the past 52-week, the stock has been trading within a range of $0.0700 – 1.3403.
