Deep South Resources Inc (CVE:DSM) (OTCMKTS:JAUGF) (FRA:DSD) has announced a private placing to raise up to C$2 million gross to advance further its flagship Haib copper project in Namibia.
The porphyry deposit sits within a 37,000 hectare (ha) property and is one of the largest of its type in Africa, already housing a higher-confidence indicated resource of 3.1 billion pounds of the red metal.
READ: Deep South Resources is "scratching the surface" of a massive copper porphyry in Namibia
In the placing, Deep South will issue up to around 13.33 million units at C$0.15 each.
Each unit comprises one company share and one half of a share purchase warrant. Each full warrant will entitle the holder to acquire one share at C$0.22 for 24 months from closing.
Red Cloud Securities Inc will be acting as a finder in connection with the offering.
Deep-South Resources Inc is largely held by Namibian shareholders, while management holds 19% and Teck Resources Ltd (NYSE:TECK) has 21% of the share capital.
Contact the author at giles@proactiveinvestors.com