Element 79 Capital Inc. Announces Closing First Tranche of Non-Brokered Private Placement of $248,000

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MONTREAL, Dec. 30, 2016 /CNW Telbec/ - Element 79 Capital Inc. (TSXV: EMS.H) ("Element 79" or the "Company"), further to the news release of December 14, 2016, announced today that it has closed the first tranche of a non-brokered private placement by issuing 4,960,000 common shares, at a price of $0.05 per share, for gross proceeds to the Company of $248,000 (the "Offering"). No warrants were issued.

The Offering is subject to approval of the NEX Board of the TSX Venture Exchange (the "NEX"). All common shares issued in connection with the Offering are subject to a 4 month hold period expiring on April 30, 2017. Proceeds from the Offering shall be used for investigating project acquisitions and general corporate purposes.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Element 79 Capital Inc.

Element 79 Capital Inc., Edward Ierfino, President and Chief Executive Officer, [phone].