Deep-South Will Close $210,000 of a Non- Brokered Private Placement
DEEP-SOUTH WILL CLOSE $210,000 OF A NON-
BROKERED PRIVATE PLACEMENT
VANCOUVER, BC
,
Jan. 26, 2023
/CNW/ - Deep-South Resources Inc. ("
Deep-South
" or the Company) (TSXV: DSM)
announces that it will close a first tranche in a new non-brokered private placement. The first tranche will be closed for an amount
of
$210,000
.
The offering will comprise up to 10 million units at
$0.05
per unit for a total of up to
$500,000
. Each 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 thirty-six (36) 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 may pay a finder's fee to eligible persons in compliance with applicable securities laws and exchange policies. This
financing is subject to TSX Venture Exchange approval.
The proceeds of the private placement will be used for further exploration on the projects in
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. In using and assessing environmentally friendly technologies in the development of its copper projects, Deep-South
embraces the green revolution.
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.
Caution Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be "forward-looking information" for
the purposes of Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that
could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by
such forward looking information. The words "believe", "expect", "anticipate", "contemplate", "plan", "intends", "continue",
"budget", "estimate", "may", "will", "schedule", "understand" and similar expressions identify forward-looking information.
These forward-looking statements relate to, among other things: the Minister's refusal to renew the Company's Licence, the
Company's intention to contest the Minister's decision before the Courts of
Namibia
and the outcome of such proceedings.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered
reasonable by Deep-South, are inherently subject to significant technical, political, business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those
projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ
materially from current expectations include, among other things: political risks associated with the Company's operations in
Namibia
; the failure of the Namibian Government to comply with its continuing obligations under the Act to allow for the
renewal of the Licence; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government
practices; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances. For additional
risk factors, please see the Company's most recently filed Management Discussions & Analysis available on SEDAR at
www.sedar.com
.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and
future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially
from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements
contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making
decisions with respect to Deep-South, and prospective investors should not place undue reliance on forward looking
information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no
obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any
other events affecting such forward-looking information, except as required by applicable legislation.
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SOURCE
Deep-South Resources Inc.
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%SEDAR: 00005247E
For further information:
More information is available by contacting Pierre Léveillé, President & CEO at +1-819-340-0140 or
CO: Deep-South Resources Inc.
CNW 09:12e 26-JAN-23