Demesne Resources Ltd. Announces Closing of First Tranche of Previously Announced Private Placement Financing
DEMESNE RESOURCES LTD. ANNOUNCES CLOSING OF FIRST
TRANCHE OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FINANCING
- NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S.
NEWSWIRE SERVICES -
Vancouver, BC, November 28, 2024 – Demesne Resources Ltd. (CSE:DEME)
(OTCQB:DEMRF) (“Demesne” or the “Company”) is pleased to announce that it has completed
the first tranche (the “ First Tranche”) of its previously announced non- brokered private
placement financing (the “ Offering”). Pursuant to the First Tranche, t he Company issued
1,146,000 common shares of the Company (“Common Shares”), at a price of $0.25 per Common
Share for gross proceeds of $286,500.
The Company plans to complete a second tranche of the Offering, for gross proc eeds of up to
$1,713,500 in December 2024.
In connection with the First Tranche of the Offering, the Company paid finder’s fees to eligible
finders consisting of $8,680 in cash and 34,720 Common Share purchase warrants (the “Finder’s
Warrants”). Each Finder’s Warrant is exercisable to acquire one Common Share of capital of the
Company at an exercise price of $0.25 per Common Share for a period of 12-months.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary
corporate and regulatory approvals, including the Canadian Securities Exchange (the “CSE”) .
Closing of the Offering is also conditional upon the Company and IMA-1, LLC (the “Optionor”)
entering into an option agreement (the “Option Agreement”), further to the letter of intent entered
between the Company and the Optionor as announced in the Company’s news release of October
22, 2024.
On November 6, 2024, t he Company announced that it had entered into the Option Agreement
with the Optionor. Pursuant to the Option Agreement, the Optionor will grant to the Company an
option to acquire 100% interest in the IMA Mine Project located in East-Central Idaho, USA (the
“IMA Property”). Please refer to the Company’s news releases dated October 22, 2024 and
November 6, 2024 for additional details regarding the Option Agreement and the IMA Property.
The Company will use the net proceeds from the Offering to fund certain payments pursuant to
the Option Agreement with the IMA Mine Project, certain payments pursuant to an option
agreement in connection with the Star Project, work program related expenses, and for general
working capital purposes. All securities issued in connection with the First Tranche are subject to
a statutory hold period of four months plus a day from the date of issuance in accordance with
applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any
securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
ABOUT DEMESNE RESOURCES LTD.
Demesne Resources Ltd. is a British Columbia based company involved in the acquisition and
exploration of magnetit e mineral properties. 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 Mining 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.
ON BEHALF OF THE BOARD OF DIRECTORS:
Murray Nye
CEO
For further information, please contact:
Murray Nye, CEO
Email: [email protected]
Phone: +1 (416) 300-7398
Social Media Links:
LinkedIn: https://www.linkedin.com/company/demesneresources/
X: https://x.com/demesneresource
Facebook: https://www.facebook.com/DemesneResources
Instagram: https://www.instagram.com/demesneresources/
YouTube: https://www.youtube.com/@demesneresources
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of
this release and has neither approved nor disapproved the contents of this press release.
This press release includes "forward -looking information" that is subject to a number of
assumptions, risks and uncertainties, many of which are b eyond the control of the Company.
Such statements represent the Company’s current views with respect to future events and are
necessarily based upon a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant business, economic,
competitive, political and social risks, contingencies and uncertainties. Many factors, both
known and unknown, could cause results, performance, or achievements to be materially
different from the results, performance or achievements that are or may be expressed or implied
by such forward-looking statements. The Company does not intend, and does not assume any
obligation, to update these forward -looking statements or information to reflect changes in
assumptions or ch anges in circumstances or any other events affecting such statements and
information other than as required by applicable laws, rules and regulations.