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Falls Grid Property
Under the revised terms, DeepRock will achieve full earn-in status for the Falls Grid property by making a cash payment of
For more details on the Falls Grid option agreement please read the
Lugar Property
Similarly, DeepRock will acquire 100% interest in the Lugar property through a cash payment of
For further information on the Lugar option agreement please read the
The acquisition of both properties is expected to be finalized on or before
About the
The Golden Gate project is situated within the
There are numerous mineral showings recorded within the
The Golden Gate project hosts several copper, lead-zinc and precious metal showings that have received local prospecting and geological mapping, geophysical surveying (airborne and ground EM and magnetometer), soil and rock sampling, and cursory diamond drilling in the past. The results of this work show that the project covers mafic lava flows and related sedimentary rocks of the Little River Formation (
Private Placement
The Company also announces it intends to complete a non-brokered private placement financing of up to 20,000,000 flow-through units of the Company (the “FT Units”) at a price of
Each FT Unit will consist of one (1) flow-through share of the Company and one-half of one (1/2) non-transferable common share purchase warrant (each whole warrant a “Warrant”). Each Warrant will be exercisable by the warrant holder to acquire one (1) additional non-flow through common share at a price of
In consideration of the introduction to the Company of investors in the Offering, a finder's fee may be paid in cash and/or in securities of the Company in accordance with applicable securities laws and Canadian Securities Exchange (“CSE”) policies. The completion of the Offering will be subject to receipt of and all necessary regulatory approvals, including, approval by the Canadian Securities Exchange. The securities issued in connection with the Offering will be subject to a four-month hold period under applicable Canadian securities laws commencing on the Closing Date of the Offering. It is anticipated that insiders of the Company will participate in the Offering. Participation of insiders of the Company in the Offering will constitute a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemption from the formal valuation requirements 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 requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.
About
On Behalf of the Board of Directors
President/CEO/Director
604-720-2703 / ys.andrew.lee@gmail.com
Cautionary Note Regarding Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-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 different from 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 transaction involving the securities of the Company. The forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate, and the reader is cautioned not to place undue reliance on such forward-looking information.
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Copyright (c) 2024 TheNewswire - All rights reserved., source