DEEP-SOUTH WILL CLOSE A NON-BROKERED OVERSUBSCRIBED PRIVATE PLACEMENT
VANCOUVER (BC), Feb. 6, 2023 /CNW/ – Deep-South Resources Inc. (“Deep-South“or the Company”) (TSXV: DSM announces it will close another tranche in a non-brokered private placement that is oversubscribed. The second tranche will close for a sum of $490,000.
The first tranche, totaling $210,000 It has been closed. The initial tranche consisted of 4,200,000 units. $0.05 per unit.
The total number of units offered will reach 14 million $0.05 For a total of upto $700,000. Each Unit will include one (1) common share, one-half (1/2), of one common share purchase warrant (“Warrant”), and one (1) unit. One (1) common share can be purchased for an exercise price by a whole Warrant. $0.10 Thirty-six (36) Months from the date the private placement was closed. Every security issued must be held for a minimum of four (4) months from the closing date.
The Company may pay a finding fee to qualified persons in accordance with applicable securities laws. The approval of the TSX Venture Exchange is required for this financing.
The proceeds of the private placement will be used for further exploration on the projects in Zambia For general working capital.
Deep-South Resources Inc.
Deep-South Resources, a company that specializes in mineral exploration and development, is called “Deep-South Resources”. Deep-South’s growth strategy focuses on the development and exploration of high quality assets in major mineralized trends, and near infrastructure in stable countries. Deep-South embraces the green revolution by using and assessing environmentally-friendly technologies in its copper projects development.
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.
Be cautious with forward-looking information
For Canadian securities laws, forward-looking information may include statements that are not historical facts. These forward-looking statements involve risks, uncertainties and additional factors that could cause actual results and performance, prospects, or opportunities to differ materially. Forward-looking information is identified by the words “believe”, “expect”, “anticipate”, and “contemplate”, as well as similar expressions such “continue”, budget”, estimate”, plan”, “budget”, schedule”, “understand”, and “estimate”. These forward-looking statements refer to, among others: The Minister’s refusal of renewal of the Company’s Licence; the Company’s intent to challenge the Minister’s decision in the Courts of Namibia The outcome of such proceedings.
Forward-looking information must be based upon certain assumptions and estimates. These assumptions, though considered reasonable by Deep-South are still subject to significant technical, economic, and competitive uncertainties. Actual results could differ from what is projected in forward-looking information due to unknown and known factors. There are many factors and assumptions that could cause actual events or results to differ materially with current expectations. These include, but not limited to: Political risks associated in the Company’s operations Namibia; failure by the Namibian government to meet its continuing obligations under Act to renew the Licence. ; the impact of any changes in laws, regulations or government practices. ; the inability for the Company and its subsidiary to enforce their legal rights under certain circumstances. For additional risk factors, please see the Company’s most recently filed Management Discussions & Analysis available on SEDAR at www.sedar.com.
Forward-looking statements and information are not necessarily accurate. Many factors and future events, both well-known and unknowable, could cause actual results, performance, or achievements to differ materially. All such factors must be taken into consideration when making decisions regarding Deep-South. Prospective investors should not rely on forward-looking information. Forward-looking information contained in this news release was made at the date given. Except as required by applicable legislation, the Company does not assume any obligation to revise or update forward-looking statements to reflect changes in assumptions or changes in circumstances.
Web site: http://www.deepsouthresources.com
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SOURCE Deep-South Resources Inc.
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