DEEP:CC - Deeprock Minerals Closes First Tranche Of Private Placement
(TheNewswire)
Vancouver, BC – TheNewswire - June 13, 2024 – DeepRock Minerals Inc.(CSE: DEEP) ("DeepRock" or "theCompany") , announces today that further to its news releases dated March 20, 2024and May 31, 2024, on the offering of up to25,000,000 units at $0.02 each (the “ Offering ”), it hasnow closed the first tranche of the non-brokeredprivate placement Offering of 9,350,000 units (the " Units "), at aprice of $0.02 per Unit for gross proceeds of $187,000.00 (the“ First Tranche ”).
The Units issued consist of onecommon share of the Company (a “ Share ”) andone-half of a non-transferable common share purchase warrant (a“ Warrant ”). Each Warrant will entitle the holder to purchase oneadditional Share in the capital of the Company for $0.06 on or beforeJune 12, 2026.
In the First Tranche, the Company paid cash finder’sfees of $8,800.00.
DeepRock will use the net proceeds from the FirstTranche for the purchase of the net profitinterest in Portugal, property payments, marketing, general workingcapital and accounts payable.
As a subscriber to the First Tranche closing of theprivate placement, Andrew Lee, a director and officer of the Company,acquired directly, 1,250,000 Units. As a subscriber to the FirstTranche closing of the private placement, Keith Margetson, an officerof the Company, acquired directly, 1,000,000 Units. As a subscriberto the First Tranche closing of the private placement, Roger Baer, adirector of the Company, acquired directly, 500,000 Units. The participation of the Company’s directorsand officers, and other related parties in the Private Placement wouldbe considered a "related party transaction" pursuant toMultilateral Instrument 61-101—Protection of Minority SecurityHolders in Special Transaction ("MI 61-101"). The Company isexempt from the requirements to obtain formal valuation and minorityshareholder approval in connection with the Insiders' participation inthe private placement by relying on Section 5.5(b) of MI 61-101 (asthe Company is not listed on a "specified market") andSection 5.7(1)(b) of MI 61-101 (as the private placement is adistribution of securities for cash not exceeding $2,500,000 which hasbeen approved by independent directors). The private placement is notexpected to result in the creation of a new control person of theCompany. To the Company’s knowledge, there is no materialinformation concerning the Company or its securities that has not beengenerally disclosed.
The securities issued pursuant to the Offering aresubject to a statutory hold period of four months plus one day.
About DeepRock Minerals
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 of Directors
Andrew Lee
President/CEO/Director
604-720-2703 / ys.andrew.lee@gmail.com
Cautionary Note RegardingForward-Looking Statements
Neither the Canadian Securities Exchange nor itsRegulation Services Provider accepts responsibility for the adequacyor 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- lookingstatements. These risks, as well as others, are disclosed within theCompany's filing on SEDAR, which investors are encouraged to reviewprior to any transaction involving the securities of the Company. Theforward-looking information contained herein is provided as of thedate of this news release and the Company disclaims any obligation,other than as required by law, to update any forward-lookinginformation for any reason. There can be no assurance thatforward-looking information will prove to be accurate, and the readeris cautioned not to place undue reliance on such forward-lookinginformation.
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