TSX-listed minerals explorer Deep-South Resources has initiated a nonbrokered private placement of up to 13.33-million units at a price of C$0.15 apiece for gross proceeds of up to C$2-million.
Each unit will comprise one common share of Deep-South and one half of one common share purchase warrant.
Each full warrant will entitle the holder thereof to acquire one common share at a price of C$0.22 for a period of 24 months from the closing date of the offering.
Deep-South currently holds 100% of the Haib copper project, in Namibia, with the net proceeds from the offering to be used to further explore and advance the project and for general working capital purposes.