Element 79 Gold Corporation recently announced the effective date of its previously announced share consolidation. The amalgamation, which is expected to take effect on December 18, 2020, will reduce the number of issued and outstanding shares of the company. This consolidation is part of the company’s strategy to better facilitate trading liquidity and establish an efficient pricing format for its shares. The consolidation will reduce the amount of outstanding shares of the company from a pre-consolidation amount of eighty million and thirty-eight thousand, eight hundred and ninety-four (80,038,894) to two million and five hundred and twenty-five thousand, nine hundred and seventy-seven (2,525,977). The change will increase the marketability of shares by creating a more attractive price format for investors. In connection with the consolidation, the issued and outstanding common shares will be reduced on a fifty (50) for one (1) basis. This means that for every fifty (50) common shares held by a shareholder, the shareholder will receive one (1) new common share. If a shareholder owns a fraction of a share, such as one-hundredth (1/100), they will receive no new common share and the fraction will be surrendered for no consideration. Element 79 Gold Corporation’s board of directors believes that this consolidation will help to increase the trading liquidity of the company’s common shares, as well as enable shareholders to more easily trade shares of the corporation. It is also believed that the revised share structure will attract new shareholders as well as strengthen shareholder confidence in the corporation. The consolidation is subject to the approval of the TSX Venture Exchange. Once the approval is granted, the company will issue a news release stating the effective date of the consolidation. Thereafter, the transfer agency will begin issuing the revised share certificates to shareholders. It is important to note that this consolidation does not increase the value of the total numbers of shares of the company; however, it does create a more liquid and attractive share format for investors. This consolidation is non-dilutive and is expected to be more beneficial for the company’s shareholders.