Deep-South Resources Inc. (CVE:DSM) said it has closed a previously announced non-brokered private placement for an amount of $4,601,211.
The funds will be used to further exploration and development of the Haib Copper project in Namibia and for general working capital.
READ: Deep South Resources set for C$2M raise to advance Namibia copper project
The offering comprised 30,674,739 units of Deep-South at a subscription price of $0.15 per unit. Each unit consists of one common share in the company and one half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one common share at an exercise price of $0.22 for 24 months from the date of closing of the placement.
Each security issued has a mandatory four-month hold period from the date of closing of the placement.
In a statement, Pierre Leveille, president & CEO of Deep-South commented: "We are extremely delighted by the strong demand leading to this financing. We have recently completed a robust updated PEA, we are preparing our upcoming drilling program and with the strong copper price, we are highly optimistic for the coming months. We are well funded to carry on our development of the Haib Copper project.”
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 jon.hopkins@proactiveinvestors.com