Deep-South Resources Inc. announces closure of its second tranche, totaling $319,000 of its current private placement.
Deep-South Resources Inc. (“Deep- South” or “the Company”) (TSXV:DSM) announces that it has closed a second tranche totaling $319,000 of its current private placement. Deep-South has previously closed a first tranche totaling $267,300 of its current private placement. Please see the press release of December 23, 2019 at: https://www.deepsouthresources.com/investors/news-releases/deep-south-has-closed-a-first-tranche-of-its-private-placement-and-will-update-its-2018-pea/
The non-brokered private placement comprises 6,380,000 units (the “Units”) of Deep- South, at a subscription price of $0.05 per Unit. Each Unit will consist of one (1) common share and one (1) common share purchase warrant (“Warrant”) of Deep- South. Each Warrant will entitle the holder thereof to purchase one (1) Deep-South common share at an exercise price of $0.09 during a period of sixty (60) 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 funds will serve to complete the updated PEA currently underway, plan the upcoming work program, pay some outstanding accounts and debts and cover general and administrative expenses.
About Deep-South Resources Inc.
Deep-South Resources Inc. is a mineral exploration company largely held by Namibian shareholders and Management with 25% and Teck Resources Ltd with 28% 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 also holds 75% of the Kapili Tepe Copper exploration project in Turkey. 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