Element 29 Resources Inc. announced a non-brokered private placement for gross proceeds of up to CAD 2,000,000 on May 30, 2023. The company will issue 11,111,111 units at a price of CAD 0.18 per unit. Each unit issuable under the Financing consists of one common share and one-half of 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 0.27 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.