DEEP:CC - DeepRock Minerals Announces $2000000 Convertible Debenture Offering with 15% Interest
(TheNewswire)
VANCOUVER, CANADA – TheNewswire- October 24, 2023 – DeepRock Minerals Inc.(the “ Company ” or“DeepRock”) (CSE:DEEP) announces an offering(the “Offering”) of convertible debentures with an aggregateprincipal of up to $2,000,000 (the “Debentures”). Proceeds of theOffering will be used to finance potential acquisitions of assets orbusinesses in the mineral resource sector in Brazil, advance theCompany's current exploration projects, and for general workingcapital.
The Debentures will mature on the date that isthree (3) years from the date of issuance (the “Maturity Date”)and bear interest at a rate of 15% per annum, payable semi-annually. The holders shall have the right to convert, at any time up to theMaturity Date, the principal sum of the Debentures and any unpaidinterest into common shares of the Company (each a “Share”) at aprice of $0.10 per Share or such other conversion price that isacceptable to the Canadian Securities Exchange (the “CSE”), andsubject to the right of the Company to accelerate the Maturity Date,if the closing price of the Shares on the CSE has been greater than$0.20 for 10 consecutive trading days.
The Company may pay registered persons a fee inaccordance with the policies of the CSE and applicable securities lawscomprised of cash, in an amount equal to 10% of the gross proceeds ofthe Debentures, and such number of share purchase warrants equal to10% of the number of common shares issuable upon the conversion of theDebentures. Each finder’s warrant shall be exercisable into oneShare at an exercise price of $0.10 per Share for a term of two yearsfrom the date of issuance. The finder’s warrant will also besubject to the right of the Company to accelerate the expiry date ifthe closing price of the Shares on the CSE is greater than $0.20 for10 consecutive trading days.
The Offering will be subject to the approval of theCSE. The Debentures, finder’s warrants, and any securities issuedupon the conversion or exercise thereof, as applicable, will besubject to resale restrictions including a hold period of fourmonths.
About DeepRock Minerals Inc.
DeepRock Minerals is a Canadian mineral explorationcompany headquartered in Vancouver, British Columbia engaged in theacquisition, exploration, and development of mineral resourceproperties.
ON BEHALF OF THE BOARD OFDIRECTORS
Andrew Lee
Chief Executive Officer
andrew@deeprockmineralsinc.com
778-302-2257
Cautionary Note RegardingForward-Looking Statements:
Neither the Canadian Stock Exchangenor its Regulation Services Provider accepts responsibility for theadequacy or accuracy of this release. This news release contains"forward-looking information" including statements withrespect to the future exploration performance of the Company. Thisforward-looking information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements of the Company,expressed or implied by such forward-looking statements. These risks,as well as others, are disclosed within the Company's filing on SEDAR,which investors are encouraged to review prior to any transactioninvolving the securities of the Company. The forward-looking information contained herein isprovided as of the date of this news release and the Company disclaimsany obligation, other than as required by law, to update anyforward-looking information for any reason. There can be no assurancethat forward-looking information will prove to be accurate and thereader is cautioned not to place undue reliance on suchforward-looking information.
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