E79 Resources Corp. (CSE: ESNR) is pleased to announce that it has closed its previously announced private placement financing by issuing a total of 13,333,333 common shares of E79 at a price of $0.45 per share for gross proceeds of $6,000,000.

“We would like to thank our investors for their support of our acquisition and exploration program”, said Rory Quinn, E79’s President and Chief Executive Officer. “The demand for this private placement is indicative of the quality of the assets we were able to acquire and the quality of the team we were able to assemble. We look forward to updating investors about our exploration plans at Beaufort and Myrtleford.”

The securities issued under the Offering will be subject to restrictions on resale expiring March 31, 2021. The Company has also issued 721,031 finder’s warrants and cash commissions of up to 7% in connection with subscriptions under the Offering from subscribers introduced to the company by Eventus Capital Corp., Mackie Research Capital Corp., Canaccord Genuity Corp., PI Financial Corp., Clarion Finance PTE Ltd. and Haywood Securities Inc. Each finder’s warrant entitles the holder to acquire one common share at $0.45 per share for 12 months from closing. E79 intends to use the net proceeds of the Offering for exploration and for general working capital purposes.

One officer of the Company participated in the Offering. Because the Company’s shares trade only on the Canadian Securities Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(1)(b) of MI 61-101 and exempt from the minority shareholder approval requirements under Subsection 5.7(1)(b) of MI 61-101.

The Company also announces that as a result of closing the Offering, it is able to close under the deed of purchase with E79 Resources Pty. Ltd. The Company will issue 20,000,000 shares to the shareholders of the Australian company, on a pro rata basis, and with the contractual restrictions on transfer noted in the Company’s October 26, 2020 news release. The Company must complete certain regulatory filings in Australia as a result of it being a foreign owner of E79 Resources Pty. Ltd.

About E79 Resources Corp.

E79 Resources is focused on exploring for Fosterville-type mineralization at its Beaufort and Myrtleford properties in the Victorian Goldfields, Australia. At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region. The Myrtleford property represents the consolidation of an entire historic gold camp with over 70 past producing gold mines on the property, where the vast majority of past exploration stopped at the water table. The Company continues to evaluate corporate development opportunities in the underexplored and prolific Victorian Goldfields.