Gold79 Mines Ltd. announced a non-brokered private placement of 50,000,000 units at a price of CAD 0.04 per unit for gross proceeds of up to CAD 2,000,000 on May 10, 2023. Each unit consists of one common share and one whole common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of CAD 0.06 per share for a period of 24 months following the date of issuance.

The securities to be 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 approval of the TSX Venture Exchange. It is anticipated that certain officers and directors of the company will participate in the transaction.

The company may pay commissions to qualified finders in Canada in connection with the transaction. The company anticipates closing date of the transaction to be May 25, 2023.