Vancouver, BC, Dec. 24, 2024 (GLOBE NEWSWIRE) — Demesne Resources Ltd. (CSE:DEME) (OTCQB:DEMRF) (Demesne or the Company) is pleased to announce that it has completed the third tranche (the Third Tranche) of its previously announced non-brokered private placement financing (the Offering). Pursuant to the Third Tranche, the Company issued 1,660,000 common shares of the Company (Common Shares), at a price of $0.25 per Common Share for gross proceeds of approximately $415,000.
The Company plans to complete a subsequent tranche of the Offering, for gross proceeds of up to $424,599 in January 2025.
In connection with the Third Tranche, the Company paid finder’s fees to eligible finders consisting of $17,150 in cash and 68,600 Common Share purchase warrants (the Finder’s Warrants). Each Finder’s Warrant is exercisable to acquire one Common Share of capital of the Company at an exercise price of $0.25 per Common Share for a period of 12-months.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange (the CSE).
The Company will use the net proceeds from the Offering to fund certain payments pursuant to an option agreement in connection with the IMA Mine Project, certain payments pursuant to an option agreement in connection with the Star Project, work program related expenses, marketing expenses, and for general working capital purposes. All securities issued in connection with the Third Tranche are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ABOUT DEMESNE RESOURCES LTD.
Demesne Resources Ltd. is a British Columbia based company involved in the acquisition and exploration of magnetite mineral properties. The Company’s Star Project consists of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project. Demesne has also entered into an option agreement, pursuant to which it can acquire a 100% interest (subject to a 2% royalty) in and to the IMA Mine Project, a past producing underground tungsten mine situated on 22 patented claims located in East Central, Idaho, United States.
Social media links:
LinkedIn: https://www.linkedin.com/company/demesneresources/
X: https://x.com/demesneresource
Facebook (NASDAQ:): https://www.facebook.com/DemesneResources
Instagram: https://www.instagram.com/demesneresources/
YouTube: https://www.youtube.com/@demesneresources
ON BEHALF OF THE BOARD OF DIRECTORS:
Murray Nye
ŽCEO
1055 West Georgia Street, Suite 1500
Vancouver, BC V6E 0B6
Canada
For further information, please contact:
Murray Nye, CEO
Email: ir@demesneresources.com
Phone: +1 (416) 300-7398
CSE:DEME
OTCQB:DEMRF
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.
This press release includes “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Holly Iervella
Source: Demesne Resources Ltd.
