Deeprock Minerals (DEEP-Cse) Closing Of Non-brokered Offering
Jan 19, '23 - NR
Further to the news release dated April 6, 2022, Deeprock Minerals Inc. has closed its non-brokered offering financing, issuing an aggregate total of 13.21 million units at a price of five cents per unit for total gross proceeds of $660,500.
Each unit consisted of one common share in the capital of the company and one transferable common share purchase warrant.
Each warrant entitles the holder thereof to purchase one share at a price of six cents per warrant share until 5 p.m. Vancouver time on or before Jan. 19, 2025.
Proceeds from the offering will be used by the company primarily for working capital and to finance the exploration and development of the company's projects in New Brunswick and Romania.
As a subscriber to the offering, Andrew Lee, a director and officer of the company, acquired, directly, one million units. As a subscriber to the offering, Keith Margetson, an officer of the company, acquired, directly, 600,000 units. Participation of insiders of the company in the offering will constitute a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company intends to rely on the exemption from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the exemption from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.
The securities issued pursuant to the offering are subject to a statutory hold period of four months plus one day that expires on May 20, 2023.
In consideration of the introduction to the company of investors in the offering, a finder's fee of a total of $24,000 was paid in cash in accordance with applicable securities laws and Canadian Securities Exchange policies.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew Lee
Chief Executive Officer, Director
andrew@deeprockmineralsinc.com
778-302-2257 |
