Deep-South Resources updates the acquisition of 75% of the INAL property neighboring the Kinross Tasiast gold mine in Mauritania and updates its financing
Vancouver, B.C., Canada – October 23, 2017 – Deep-South Resources Inc. ("Deep-South" or “the Company") (TSX-V: DSM) announces that its legal and technical consultants have visited the INAl project in Mauritania and have completed their due diligence. The Company is awaiting final legal and technical reports concerning the acquisition of 75% of the project. Details of the transaction have been previously disclosed in a press release dated August 23, 2017. The press release can be seen on SEDAR.
Concurrently, the Company has obtained the authorization of the TSX Venture Exchange to extend the private placement previously announced on September 6, 2017. The private placement has been extended for 30 days and closing procedure will start shortly.
The terms of the private placement are as follows:
The Company will proceed with a non-brokered private placement for gross proceeds of up to $750,000 (“the Offering”).
The non-brokered private placement will comprise up to 3,409,091 units (the “Units”) of Deep-South, at a subscription price of $0.22 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 $0.30 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 private placement is subject to the approval of the TSX Venture Exchange.
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.
More information is available by contacting:
Paradox Public Relations
or Pierre Léveillé, President & CEO
or at firstname.lastname@example.org.
Deep-South discloses a NI 43-101 Indicated Resource of 457 mt @ 0.31% CU and an Inferred Resource of 342 mt @ 0.29% CU and mets is near to completing a Preliminary Economic Assessment (PEA) on Haib Copper in Namibia.