Element 29 Resources Inc. (TSXV: ECU) announced plans to complete a non-brokered private placement of up to 32,272,727 common shares at $1.10 per share for aggregate gross proceeds of up to $35,500,000.

The mining company stated it will use net proceeds to fund exploration activities at its Peru projects, including the 2026 drilling program at its Elida porphyry copper-molybdenum-silver deposit in west-central Peru, and for general working capital.

Element 29 may pay certain finders a cash fee equal to 7% of the aggregate gross proceeds raised from subscriptions arranged by such finders. Some directors and officers of the company may acquire securities under the financing, which would constitute a related party transaction under regulatory guidelines.

The financing requires approval from the TSX Venture Exchange. All securities issued will be subject to a statutory four-month and one-day hold period from the date of issuance.

Element 29 describes itself as a junior resource company focused on exploring copper deposits in Peru. The company holds more than 25,000 hectares of titled concessions across four projects, including the Elida deposit and three early-stage prospects: Flor de Cobre, Paka, and Pahuay.

The Flor de Cobre prospect is located 26 kilometers from the Cerro Verde copper mine operated by Freeport-Buenaventura. The company's projects are positioned near existing infrastructure including roads, powerlines, ports and water access.

All dollar amounts referenced are in Canadian currency unless otherwise specified, according to the company's statement.