DEEP:CC - Deeprock Minerals Intends to Close First Tranche of Private Placement
(TheNewswire)
Vancouver, BC – TheNewswire - May 31, 2024 – DeepRock Minerals Inc.(CSE: DEEP) ("DeepRock" or "theCompany") , announces today that pursuant to its news release dated March 20, 2024,it intends to close the first tranche of its non-brokered privateplacement on or around Monday June 10, 2024. The private placement isan offering of Units at $0.02 each for gross proceeds of up to$500,000. Each Unit will consist of one common share of the Company (a“Share”) and one-half of a non-transferable common share purchasewarrant (a “Warrant”). Each Warrant will entitle the holder topurchase a Share for $0.06 during the 24 months following theWarrant’s issuance date.
The Company will provide further details in asubsequent news release upon closing in respect of the number ofsecurities issued and gross proceeds raised. All securities issuedwill be subject to a statutory four-month hold.
Some of the Company’s directors and officers will beparticipating in the private placement. The participation of theCompany’s directors and officers, and other related parties in thePrivate Placement would be considered a "related partytransaction" pursuant to Multilateral Instrument61-101—Protection of Minority Security Holders in SpecialTransaction ("MI 61-101"). The Company is exempt from therequirements to obtain formal valuation and minority shareholderapproval in connection with the Insiders' participation in the privateplacement by relying on Section 5.5(b) of MI 61-101 (as the Company isnot listed on a "specified market") and Section 5.7(1)(b) ofMI 61-101 (as the private placement is a distribution of securitiesfor cash not exceeding $2,500,000 which has been approved byindependent directors). The private placement is not expected toresult in the creation of a new control person of the Company. To theCompany’s knowledge, there is no material information concerning theCompany or its securities that has not been generallydisclosed.
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-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-lookinginformation contained herein is provided as of the date of this newsrelease and the Company disclaims any obligation, other than asrequired by law, to update any forward-looking information for anyreason. There can be no assurance that forward-looking informationwill prove to be accurate, and the reader is cautioned not to placeundue reliance on such forward-looking information.
Copyright (c) 2024 TheNewswire - All rights reserved.