TSX-V-listed Deep-South Resources has advised that its recently announced nonbrokered private placement is oversubscribed and that the company will therefore increase the offering to $2-million, up from $1-million.
The company will proceed with a first closing on September 16.
The offering will comprise up to 20-million units of Deep-South at a price of $0.10 apiece.
Each unit consists of one common share and one half of one common share purchase warrant, which entitles the holder to buy one common share at a price of $0.15 apiece.
Deep-South will use the proceeds for further exploration and development of its wholly-owned Haib copper project, in Namibia.
The company also holds 75% of the Kaili Tepe copper exploration project in Turkey.