Deep-South Resources Inc. (“Deep- South” or “the Company”) (TSXV:DSM) announces that it has closed a second tranche totaling $546,500 of its current private placement.
The non-brokered private placement comprises 5,465,000 units (the “Units”) of Deep- South, at a subscription price of $0.10 per Unit. Each Unit will consist of one (1) common share and one half (1/2) of one common share purchase warrant (“Warrant”) of Deep- South. Each full Warrant will entitle the holder thereof to purchase one (1) Deep-South common share at an exercise price of $0.20 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 agreed to the condition of the largest subscriber that all the funds from his subscription, totalling $532,000, serve to the development of the Haib Copper project in Namibia. A sampling and a metallurgical and process technology test has already started and will be fully funded by this private placement.
The Company intends to close another private placement in the coming month in order to improve its treasury and plan further exploration work.
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 currently holds 100% of the Haib Copper project in Namibia, one of the largest copper porphyry deposits in Africa. Deep-South’s growth strategy is to focus on the exploration and development of quality assets, in significant mineralized zones, 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.
More information is available by contacting Pierre Leveille, President & CEO at
+1-819-340-0140 or at: email@example.com or Paradox Public Relations at +1-514-341-0408.