Deep-South Has Closed a Private Placement and Advanced the Updated 2018 PEA
(TheNewswire)
Vancouver, B.C., Canada - TheNewswire – April 2, 2020 – Deep-South Resources Inc. ("Deep- South" or “the Company") (TSXV:DSM) announces that it has closed a private placement totaling $67,400. The private placement has been subscribed by insiders of the Company.
The non-brokered private placement comprises 1,348,000 units (the “Units”) of Deep- South, at a subscription price of $0.05 per Unit. Each Unit will consist of one (1) common share and one (1) common share purchase warrant (“Warrant”) of Deep- South. Each Warrant will entitle the holder thereof to purchase one (1) Deep-South common share at an exercise price of $0.09 during a period of sixty (60) months from the date of closing of the placement. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement.
The proceeds of the private placement will be used for the purpose of carrying the
development of the Haib Copper project in Namibia and for general working capital.
Preliminary Economic Assessment (PEA) update
Deep-South and Mineral Engineering and Technical Services of Australia (“METS”) are working to update the PEA disclosed on February 2018 on its Haib Copper project in Namibia. Due to Covid-19 lockdowns in Australia, South Africa and Canada, the work has been slowed down and has delayed the production of the final report. However, the work is progressing and the updated report will be disclosed upon completion.
The update will incorporate the recoveries generated by the recent metallurgical test work.
About METS :
Established in 1988, Mineral Engineering Technical Services provides a range of services in the fields of Minerals processing, hydrometallurgy and pyrometallurgy. METS is the engineering company that produced Deep-South’s Preliminary Economic Assessment (PEA) disclosed on February 26, 2018. You can visit METS at : https://www.metsengineering.com
About Deep-South Resources Inc.
Deep-South Resources Inc. is a mineral exploration company largely held by Namibian shareholders and Insiders with 24% and Teck Resources Ltd with 23% of Deep-South share capital. Deep-South currently holds 100% of the Haib Copper project in Namibia, one of the largest copper porphyry deposits in Africa. Deep-South also holds 75% of the Kapili Tepe Copper exploration project in Turkey. Deep-South’s growth strategy is to focus on the exploration and development of quality assets, in significant mineralized zones, close to infrastructure, in stable countries.
On Behalf of the Board of Directors
“Pierre Léveillé”
President & CEO
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: [email protected] or Paradox Public Relations at +1-514-341-0408
This press release contains certain "forward-looking statements," as identified in Deep- South’s periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 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.
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