(TheNewswire)
September 5, 2023 – TheNewswire - DAMARA GOLDCORP. (TSXV:DMR) (“ Damara ” or the “ Company ”), isplease to announce it willconduct a non-brokered private placement (the “ Offering ”) for upto 8,333,333 units of the Company at a price of $0.03 per unit(“ Unit ”) for gross proceeds of up to $250,000 (the“ Proceeds ”).
Each Unit will consist of one common share in thecapital of the Company (a “ Common Share ”) and one-half of one warrant(each full warrant a “ Warrant ”) . EachWarrant will entitle the holder to purchase one additional CommonShare in the capital of the Company at a price of $0.10 for 24 monthsfrom closing.
The Company may pay finders' fees of 5% cash and 5%finders warrants (“ FinderWarrant ”). Each Finder Warrant will entitlethe holder to acquire one additional Common Share in the capital ofthe Company at a price of $0.10 for 24 months from closing on the sameterms as the Warrants.
All securities issued pursuant to the Offering aresubject to a statutory four month and one day hold period from thedate of closing.
It is anticipated 75 % of the proceeds will be used forexploration expenditures related to the Placer Mountain projectlocated near Princeton, British Columbia (the “ Program ”),10 % will be used for management fees forofficers of the Company and 15% will be used to provide working capital and generalcorporate purposes.
The Program will include the continuation of trenchingand channel sampling on the 1.5km x 600m Au soil geochem anomaly atthe Kodiak zone where prospecting completed in 2020 had locatedseveral areas with float samples assaying up to 70 g/t Au. Due tothe excessive rain encountered in the 2021 field season, these targetareas which were located in topographically low areas could not beaccessed by back hoe at the time. It is anticipated that chipsampling of bed rock exposed by trenching this fall, could identifygold bearing structures which, elsewhere on this Project have alreadyshown significant Au and Ag intersections.
None of the securities sold inconnection with the Offering will be registered under the UnitedStates Securities Act of 1933, as amended, and no such securities maybe offered or sold in the United States absent registration or anapplicable exemption from the registration requirements. This newsrelease shall not constitute an offer to sell or the solicitation ofan offer to buy nor shall there be any sale of the securities in anyjurisdiction in which such offer, solicitation or sale would beunlawful.
Qualified Person
Dr. Gerald G. Carlson, PhD, PEng, technical advisor tothe Company, is the Qualified Person as defined by National Instrument43-101 who has reviewed and approved the technical data in thisrelease.
About Damara
Damara Gold Corp. is a TSX Venture listed mineralexploration company actively focused on the exploration of the PlacerMountain Gold Property, located in Princeton, BC, held by 84%/16% JVwith Universal Copper Ltd. Damara’s Board of Directors is seasonedin the mineral exploration industry with extensive and successfulinternational experience.
ON BEHALF OF THE BOARD OF DIRECTORSOF DAMARA
“Larry Nagy”
Larry Nagy, Chief Executive Officer
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Larry Nagy
Chief Executive Officer or
Terese Gieselman
Chief Financial Officer
Ph: (250-717-1840)
Disclaimer for Forward-LookingInformation
This news release contains statements that constitute"forward-looking Information", as suchterm is used in applicable Canadian securities laws . Such forward-looking information involves known andunknown risks, uncertainties and other factors that may cause theCompany’s actual results, performance or achievements, ordevelopments in the industry to differ materially from the anticipatedresults, performance or achievements expressed or implied by suchforward-looking information. Forward-looking information includesstatements that are not historical facts and are generally, but notalways, identified by the words "expects,""plans," "anticipates," "believes,""intends," "estimates," "projects,""potential" and similar expressions, or that events orconditions "will," "would," "may,""could" or "should" occur.
Although the Company believes the forward-lookinginformation contained in this news release is reasonable based oninformation available on the date hereof, by its natureforward-looking information involves assumptions and known and unknownrisks, uncertainties and other factors which may cause our actualresults, level of activity, performance or achievements, or otherfuture events, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking information.
Examples of such assumptions, risks and uncertaintiesinclude, without limitation, assumptions, risks and uncertaintiesassociated with general economic conditions; adverse industry events;the receipt of required regulatory approvals and the timing of suchapprovals; that the Company maintains good relationships with thecommunities in which it operates or proposes to operate, futurelegislative and regulatory developments in the mining sector; theCompany ’ s ability toaccess sufficient capital from internal and external sources, and/orinability to access sufficient capital on favorable terms; miningindustry and markets in Canada and generally; the ability of theCompany to implement its business strategies; competition; the risk that any of the assumptions prove notto be valid or reliable, which could result in delays, or cessation inplanned work, risks associated with the interpretation of data, thegeology, grade and continuity of mineral deposits, the possibilitythat results will not be consistent with the Company’s expectations,as well as other assumptions risks and uncertainties applicable tomineral exploration and development activities and to the Company,including as set forth in the Company’s public disclosure documentsfiled on the SEDAR website at www.sedar.com .
THE FORWARD-LOOKING INFORMATIONCONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF DAMARAAS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TOCHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ONFORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATIONAS OF ANY OTHER DATE. WHILE DAMARA MAY ELECT TO, IT DOES NOT UNDERTAKETO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIREDIN ACCORDANCE WITH APPLICABLE LAWS.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this press release
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