DeepRock Minerals Closes First Tranche of Financing
VANCOUVER, BC / ACCESSWIRE / May 22, 2019 / DeepRock Minerals Inc. ("DeepRock" or the "Company") announces it has closed a first tranche of its non-brokered private placement, raising gross proceeds of $136,150 from the issuance of 2,482,000 flow-through units (each a "FT Unit") at $0.05 each and 241,000 non-flow-through units (each a "Unit") at $0.05 each. Each FT Unit consists of one flow-through common share and one-half of a common share purchase warrant with an exercise price of $0.10 for a period of 18 months. Each non-flow-through Unit consists of one common share and one-half of a common share purchase warrant with an exercise price of $0.10 for a period of 18 months.
The Company has paid a finder's fee consisting 10% cash on the gross proceeds and 10% broker warrants (each a "Broker Warrant") on all units issued for this first tranche. Each Broker Warrant entitles the holder to purchase one common share of the Company at $0.05 for a period of 18 months.
Proceeds from this first tranche of FT Units will be used to expedite and fund exploration of the Company's mineral project while the proceeds from the non-FT Units will be used for general operating capital. All securities issued under the private placement will be subject to a four-month hold.
For more information, please contact:
Richard Shatto, Director
Telephone: (604) 807-6334
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