Deep-South to close second tranche in oversubscribed nonbrokered private placement
TSX-listed Deep-South Resources will close a second tranche in an oversubscribed nonbrokered private placement, the company announced on February 7. The second tranche will be closed for $490 000.
A first tranche, totalling $210 000, has already closed and comprised 4.2-million units at $0.05 a unit.
The total offering will comprise up to 14-million units at $0.05 a unit for a total of up to $700 000.
Each unit will comprise one common share and one half of a common share purchase warrant. Each whole warrant will entitle the holder thereof to buy one common share at an exercise price of $0.10 for 36 months from the date of closing of the private placement.
Each security issued has a mandatory four-month hold period from the date of closing of the placement.
The proceeds of the private placement will be used for further exploration on the company’s projects in Zambia and for general working capital.
Deep-South holds an interest in the Luanshya West, Chililabombwe and Mpongwe copper projects in Zambia.
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