Deep-South Has Closed the First Tranche of a Private Placement

Deep-South Resources Inc. (“Deep-South” or “the Company”) (TSXV:DSM) announces that it has closed a non-brokered private placement for gross proceeds of up to $195,140 (“the Offering”). Procedures to close a second tranche will start shortly.
The non-brokered private placement comprises 887,000 units (the “Units”) of Deep-South, at a subscription price of $0.22 per Unit. Each Unit consist of one (1) common share and one half (1/2) of one common share purchase warrant (“Warrant”) of Deep-South. Each full Warrant entitles the holder thereof to purchase one (1) Deep-South common share at an exercise price of $0.30 during a period of thirty six (36) months from the date of closing of the placement. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement.
The Company has paid Raymond James a finder’s fee of $5,456 and issued 24,800 Compensation Warrants. The Company has also paid Foster & Associates Financial Services Inc, a finder’s fee of $4,840 and issued 22,000 Compensation Warrants. The Compensation Warrants have the same terms and conditions as the Warrants. Each security issued pursuant to the placements has a mandatory four (4) month hold period from the date of closing of the placements.
About Deep-South Resources Inc.
Deep-South Resources Inc. is a mineral exploration company largely held by Namibian shareholders and Teck Resources Ltd, which holds about 35% of Deep-South share capital. Deep-South is actively involved in the acquisition, exploration and development of major mineral properties. Deep-South currently holds 100% of the Haib Copper project in Namibia, one of the largest copper porphyry in Africa. Deep-South’s growth strategy is to focus on the exploration and development of quality assets, in significant mineralized trends, close to infrastructure, in stable countries.
This press release contains certain “forward-looking statements,” as identified in Deep-South’s periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 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.
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Source: www.thenewswire.com