VANCOUVER, BC, Sept. 20,
2022 /CNW/ - Deep-South Resources Inc.
("Deep-South" or the Company) (TSXV: DSM) announces that it
will close a first tranche in a new non-brokered private placement.
The first tranche will be closed for an amount of $264,000.
The offering will comprise up to 15 million units at
$0.05 per unit for a total of up to
$750,000. Each Unit will consist of
one (1) common share and one half (1/2) of one common share
purchase warrant ("Warrant"). Each whole Warrant will entitle
the holder thereof to purchase one (1) common share at an exercise
price of $0.10 for thirty-six (36)
months from the date of closing of the private placement. Each
security issued has a mandatory four (4) month hold period from the
date of closing of the placement.
The Company may pay a finder's fee to eligible persons in
compliance with applicable securities laws and exchange policies.
This financing is subject to TSX Venture Exchange approval.
The proceeds of the private placement will be used for
further exploration on the projects in Zambia and for general working capital.
About Deep-South Resources
Deep-South Resources is a mineral exploration and development
company. Deep-South's growth strategy is to focus on the
exploration and development of quality assets in significant
mineralized trends and in proximity to infrastructure in stable
countries. In using and assessing environmentally friendly
technologies in the development of its copper projects, Deep-South
embraces the green revolution.
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.
Caution Regarding Forward-Looking
Information contained in this news release which are not
statements of historical facts may be "forward-looking information"
for the purposes of Canadian securities laws. Such
forward-looking information involves risks, uncertainties and other
factors that could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward looking information. The words "believe",
"expect", "anticipate", "contemplate", "plan", "intends",
"continue", "budget", "estimate", "may", "will", "schedule",
"understand" and similar expressions identify forward-looking
information. These forward-looking statements relate to,
among other things: the Minister's refusal to renew the Company's
Licence, the Company's intention to contest the Minister's decision
before the Courts of Namibia and
the outcome of such proceedings.
Forward-looking information is necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by Deep-South, are inherently subject to significant
technical, political, business, economic and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking information. Factors and assumptions that could
cause actual results or events to differ materially from current
expectations include, among other things: political risks
associated with the Company's operations in Namibia; the failure of the Namibian
Government to comply with its continuing obligations under the Act
to allow for the renewal of the Licence; the impact of changes in,
or to the more aggressive enforcement of, laws, regulations and
government practices; the inability of the Company and its
subsidiaries to enforce their legal rights in certain
circumstances. For additional risk factors, please see the
Company's most recently filed Management Discussions & Analysis
available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information
and statements will prove to be accurate, as many factors and
future events, both known and unknown could cause actual results,
performance or achievements to vary or differ materially from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements contained herein or
incorporated by reference. Accordingly, all such factors should be
considered carefully when making decisions with respect to
Deep-South, and prospective investors should not place undue
reliance on forward looking information. Forward-looking
information in this news release is made as at the date hereof. The
Company assumes no obligation to update or revise forward-looking
information to reflect changes in assumptions, changes in
circumstances or any other events affecting such forward-looking
information, except as required by applicable legislation.
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SOURCE Deep-South Resources Inc.