Demesne Resources Completes Payment to STAR Property Optionor and Certain Officers and Consultants
DEMESNE RESOURCES COMPLETES PAYMENT TO STAR PROPERTY
OPTIONOR AND CERTAIN OFFICERS AND CONSULTANTS
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE
UNITED STATES/
TORONTO, May 24, 2023 /CNW/ - Demesne Resources Ltd. (CSE:DEME)
(“Demesne” or the “ Company”) is pleased to announce that it has completed the
second payment due under its option agreement dated May 11, 2022, betwe en the
Company and Christopher R. Paul, Michael A. Blady and Oliver J. Friesen (collectively
the “ Optionor”) regarding the Company’s S tar Property (the “ Option Agreement ”)
consisting of five contiguous min eral titles covering an area of approximately 4,615.75
hectares located in the Skeena Min ing Division, British Columbia, Canada (the “ Star
Property”). The payment to th e Optionor consisted of 450,000 class A common shares
of the Company (“Common Shares”) and $24,000 in cash.
Under the Option Agreement, the Company is required to (i) issue an additional 600,000
Common Shares on the twelve month anniversary of the Company’s listing (the “Listing
Date”) on the Canadian Securities Exchange (the “ CSE”) and make a cash payment of
$45,000 to the Optionor ; and (ii) issue an additional 600,000 Common Shares to the
Optionor on the twenty-four month anniversary of the Listing Date.
The Company also announces that it has issued 500,000 Common Shares of the
Company to Brennan Direnfeld, Chief Executive Officer, Corporate Secretary and
director of the Company, at a deemed price of $0.10 per Common Share, pursuant to his
consulting agreement with the Company . The payment consisted of 300,000 Common
Shares for the six month period from November, 2022 to April, 2023, being his
compensation for the forgoing period and 200,000 Common Shares, payable under his
consulting agreement upon the successful listing of the Company on the CSE. The
Common Shares issued to and Mr. Direnfeld are subject to the Company’s escrow
agreement dated February 6, 2023 and a four month and a day statutory hold period.
Additionally, the Company issued 60,000 Common Shares to a consultant of the
Company at a deemed price of $0.10 for the six month period from November, 2022 to
April, 2023, for services rendered to the Company. The Common Shares issued to the
consultant are subject to a four month and a day hold pe riod. The consultant is not a
related party of the Company.
ABOUT DEMESNE RESOURCES LTD.
Demesne Resources Ltd. is a British Columbia based company involved in the
acquisition and exploration of magnetite mineral properties, with a focus on mineral
properties located in British Columbia. The Company's sole property is the Star project,
consisting of five contiguous mineral titles covering an area of approximately 4,615.75
hectares located in the Skeena Min ing Division, British Columbia, Canada. The
Company has entered into an option agreement pursuant to which it is entitled to earn
an undivided 100% interest in the Star project.
FORWARD–LOOKING STATEMENTS
This news release contains forward–looking statements and forward–looking information
within the mean ing of Canadian securities legislation (collectively, "forward –looking
statements") that relate to the Company's current expectations and views of future
events. Any statements that express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance (often, but not always,
through the use of words or phrases such as “will likely result ”, “are expected to ”,
“expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”,
“plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical
facts and may be forward –looking statements and may involve estimates, assumptions
and uncertainties which could cause actual results or outcomes to differ materi ally from
those expressed in such forward–looking statements. No assurance can be given that
these expectations will prove to be correct and such forward –looking statements
included in this news release should not be unduly relied upon. These statements sp eak
only as of the date of this news release.
Forward–looking statements are based on a number of assumptions and are subject to a
number of risks and uncertainties, many of which are beyond the Company's control,
which could cause actual results and even ts to differ materially from those that are
disclosed in or implied by such forward–looking statements. Such risks and uncertainties
include, but are not limited to, the resumption of trading of the Shares and other factors
set forth under “Forward–Looking Statements” and “Risk Factors ” in the Final
Prospectus. The Company undertakes no obligation to update or revise any forward –
looking statements, whether as a result of new information, future events or otherwise,
except as may be required by law. New fact ors emerge from time to time, and it is not
possible for the Company to predict all of them, or assess the impact of each such factor
or the extent to which any factor, or combination of factors, may cause results to differ
materially from those contained in any forward –looking statement. Any forward –looking
statements contained in this news release are expressly qualified in their entirety by this
cautionary statement.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Demesne Resources Ltd.
For further information: Demesne Resources Ltd., Brennan Direnfeld, CEO, Corporate
Secretary and Director, Email: [email protected]; Phone: (647) 328-8227