Deeprock Minerals Inc. announced a private placement to issue convertible debentures with an aggregate principal of up to CAD 2,000,000 on October 24, 2023. The Debentures will mature on the date that is 3 years from the date of issuance and bear interest at a rate of 15% per annum, payable semi-annually. The holders shall have the right to convert, at any time up to the Maturity Date, the principal sum of the debentures and any unpaid interest into common shares of the Company at a price of CAD 0.10 per share or such other conversion price that is acceptable to the Canadian Securities Exchange and subject to the right of the company to accelerate the Maturity Date, if the closing price of the shares on the CSE has been greater than CAD 0.20 for 10 consecutive trading days. The company may pay registered persons a fee in accordance with the policies of the CSE and applicable securities laws comprised of cash, in an amount equal to 10% of the gross proceeds of the Debentures, and such number of share purchase warrants equal to 10% of the number of common shares issuable upon the conversion of the debentures. Each finder?s warrant shall be exercisable into one share at an exercise price of CAD 0.10 per share for a term of two years from the date of issuance. The debentures, finder?s warrants, and any
securities issued upon the conversion or exercise thereof, as applicable, will be subject to resale restrictions including a hold period of four months. The transaction is subject to the approval of CSE.