Oceanus Resources (OCN-V) closes $1.31-million financing and drilling program for the La Lajita gold property, which is scheduled to begin in April, 2014
www.oceanusresources.ca
March 7, '14 - NR
Oceanus Resources Corp. has closed a previously announced non-brokered private placement financing of $1,315,000. The private placement comprises the sale of 6,003,622 common shares of the company at a price of 22 cents per share. The common shares from this private placement will be subject to a four-month hold period ending July 8, 2014. The proceeds from the private placement will be used for exploration of the La Lajita gold property located in Durango, Mexico. Oceanus is advancing the La Lajita gold property located in the Sierra Madre gold and silver belt, an epithermal, low-sulphidation gold prospect with considerable hematite and silica alteration hosted along a northwest-southeast-trending breccia fault. Past work of sampling and mapping have demonstrated the fault structure is gold-bearing, has been traced over a strike length of two kilometres and remains open along strike in both directions. Diamond and RC drilling confirms the presence of high-grade gold at depth. The highlight result from the 2013 drill program was 7.1 grams per tonne gold and 48.8 g/t silver over a core length of 20 metres in diamond drill hole OCN-13-005 at a vertical depth of 80 metres (see Oceanus news release dated Sept. 24, 2013).
The diamond drilling program for the La Lajita gold property, which is scheduled to begin in April, 2014, will test the lateral and downdip extensions of the high-grade gold structure down toward the contact with the lower volcanic sequence.
A 6-per-cent cash finder's fee of $7,341.60 will be paid and 6-per-cent finder warrants issued entitling the finders to purchase 33,370 shares of Oceanus. The finder warrants are exercisable for 12 months from the closing date of the private placement at a price of 30 cents per common share.
Oceanus, in accordance with the terms of TSX Venture Exchange Policy 4.3, shares for debt, will issue common shares of the company at 22 cents per share to settle outstanding debt in the amount of $151,646.15. This issuance of common shares for debt is subject to the approval of the exchange, disinterested shareholder approval if required and any other required regulatory approval.
David R. Duncan, PGeo, a director of the company, is the qualified person for Oceanus as defined under National Instrument 43-101. Mr. Duncan has reviewed the scientific and technical information in this news release.
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