NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Deep-South Resources Inc. ("Deep-South" or the Company) (TSX-V: DSM) announces that the Company closed the first tranche of the recently announced non-brokered private placement. The first tranche closed for an amount of $265,447. The private placement is nearly fully subscribed and the second tranche will close on or about September 20, 2023.
The first tranche will comprise 4,083,800 units at a price of $0.065 per unit. Each unit (“Unit”) will consist of one (1) common share and one half (1/2) of one common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder thereof to purchase one (1) common share at an exercise price of $0.10 for twenty four (24) months from the date of closing of the private placement. Each security issued has a mandatory four (4) month hold period from the date of closing of the placement.
The Company paid finders fees totalling $18,559 and 285,340 broker warrants. Those warrants have an exercise price equal to the Unit price.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
The proceeds of the private placement will be used for further exploration on the projects in Namibia and Zambia and for general working capital.
About Deep-South Resources Inc.
Deep-South Resources is a mineral exploration and development company. Deep-South’s growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. The Company holds the Haib Copper Project in Namibia and holds an interest in three exploration licenses in the Copperbelt in Zambia. In using and assessing environmentally friendly technologies in the development of its copper projects, Deep-South embraces the green revolution.
More information is available by contacting Pierre Léveillé, President & CEO at +1-819-340-0140 or at: info@deepsouthresources.com
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.
