Damara Closes Private Placement
NEWS RELEASE
Damara Closes Private Placement
January 18, 2016 TSX-V: DMR
DAMARA GOLD CORP. (TSX-V:DMR) (“Damara” of the “Company”), is pleased to announce further to its news release of December 2, 2015, it has received TSX Venture Exchange approval for 1,475,000 Units in the capital of the Company (“Units”) at an issue price of $0.05 per unit, for gross proceeds of $73,750 (the "Offering"). Each Unit consists of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (each a "Warrant"), with each Warrant entitling the holder thereof to acquire an additional Common Share at an exercise price of $0.15 for 60 months after the date of issuance (the “Closing Date”). The Warrant terms will contain an acceleration provision such that if, commencing on May 19, 2016, the closing price of the Common Shares on the Exchange is higher than $0.25 for 20 consecutive trading days then on the 20th consecutive trading day (the “Acceleration Trigger Date”) the expiry date of the Warrants may be accelerated to the date that is 30 days after the Acceleration Trigger Date (the “Accelerated Expiry Date”) by the issuance of a news release announcing such Accelerated Expiry Date.
All of the Units issued in connection with the Offering and Common Shares issued on exercise of the Warrants are subject to a restricted resale period that expires on May 19, 2016.
The proceeds will be used by the Company for its Namibian property interest and general corporate purposes.
Furthermore, the Company is working towards the completion of the Debt Settlement as previously announced (December 2, 2015) and anticipates completion of same shortly.
About Damara
Damara Gold Corp. is a TSX Venture listed Canadian public company with a Board of Directors seasoned in the mineral exploration industry with extensive and successful international experience with a focus on identifying and acquiring prospective and underexplored gold properties worldwide. Damara is currently focused on identifying and defining Cu-Au-W potential at the DGP project in Namibia.
ON BEHALF OF THE BOARD OF DIRECTORS OF DAMARA
“Larry Nagy”
Larry Nagy, Chief Executive Officer
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Larry Nagy
Chief Executive Officer or
Terese Gieselman Chief Financial Officer
Ph: (250-768-1168)
NR: 16-02
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.
Statements Regarding Forward-Looking Information
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include, without limitation, statements regarding the company’s plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could