Deeprock arranges $1-million private placement

Apr 7, 2022

2022-04-06 16:01 ET – News Release

Mr. Andrew Lee reports

DEEPROCK MINERALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND ANNUAL GENERAL AND SPECIAL MEETING DATE

Deeprock Minerals Inc. has arranged a non-brokered private placement financing of up to 20 million units of the company five cents per unit for aggregate gross proceeds of up to $1-million which may be increased if the offering is oversubscribed.

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will be exercisable by the warrant holder to acquire one additional common share at a price of six cents for a period of 24 months from the closing of the private placement.

The proceeds from the offering will be used by the company primarily for working capital and to finance the exploration and development of the company’s projects in New Brunswick and Romania. The offering is expected to close on or about May 12, 2022.

In consideration of the introduction to the company of investors in the offering, finder’s fee may be paid in cash or in securities of the company in accordance with applicable securities laws and Canadian Securities Exchange 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. 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.

The company also wishes to announce the annual general and special meeting of shareholders will be held on June 17, 2021. In connection of the upcoming meeting, the notice of meeting and record date will be filed on SEDAR in due course.

We seek Safe Harbor.

https://deeprockmineralsinc.com/