TSX-listed minerals explorer Deep-South Resources says that, owing to “significant demand”, it has upsized a previously announced nonbrokered private placement from C$2-million to C$4.5-million.
The net proceeds from the offering will be used to further explore and advance the Haib copper project, in Namibia, and for general working capital purposes.
Under the revised private placement, the company will sell 30-million of its units at a price of C$0.15 apiece.
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.