DEEP:CC - DeepRock Minerals Announces Closing of Non-Brokered Offering
(TheNewswire)
January 19 th , 2023 – TheNewswire- Vancouver, British Columbia - DeepRockMinerals Inc. (“DeepRock” or the “Company”) (CSE:DEEP), ispleased to report that further to its newsrelease dated April 6, 2022, it has closed the non-brokered Offering financing issuing an aggregate total of13,210,000 Units (each, a “ Unit ”) at a price of $0.05 per Unit fortotal gross proceeds of $660,500.00 (the “ Offering ”).
Each Unit consisted of one (1) common share in thecapital of the Company (the “ Common Shares ”) and one transferrable common share purchase warrant(each, a “ Warrant ”).
Each Warrant entitles the holder thereof to purchaseone share (each, a “ WarrantShare ”) at a price of $0.06 per Warrant Shareuntil 5.00 p.m. (Vancouver time) on or before January 19, 2025.
Proceeds from the Offering will be used by the Companyprimarily for working capital and to fund the exploration anddevelopment of the Company’s projects in New Brunswick andRomania.
As a subscriber to the Offering, Andrew Lee, a directorand officer of the Company, acquired directly, 1,000,000 Units. As asubscriber to the Offering, Keith Margetson, an officer of theCompany, acquired directly, 600,000 Units. Participation of insiders of the Company in the Offering willconstitute a related party transaction as defined under MultilateralInstrument 61-101 - Protection of Minority Security Holders in SpecialTransactions (“ MI 61-101 ”). TheCompany intends to rely on the exemption from the formal valuationrequirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a)of MI 61-101 and the exemption from the minority approval requirementsof Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI61-101.
The securities issued pursuant to the Offering aresubject to a statutory hold period of four (4) months plus one (1) daythat expire on May 20, 2023 respectively.
In consideration of the introduction to the Company ofinvestors in the Offering, a total of $24,000 finder's fee was paid incash in accordance with applicable securitieslaws and CSE policies .
ON BEHALF OF THE BOARD OFDIRECTORS
Andrew Lee
Chief Executive Officer, Director
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. Forward-looking informationcontained herein is provided as of the date of this news release andthe Company disclaims any obligation, other than as required by law,to update any forward-looking information for any reason. There can beno assurance that forward-looking information will prove to beaccurate and the reader is cautioned not to place undue reliance onsuch forward-looking information.
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