Cranbrook, British Columbia, (Newsfile Corp. – December 15, 2022) DLP Resources Inc. (the “Company”) (TSXV: DLP) (OTCQB: DLPRF) is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement (the “Second Tranche”), whereby the Company has completed the issuance of 975,600 units (each, a “Unit”) at a price of $0.25 per Unit for gross proceeds of $243,900.
Each Unit consists of one common share in the capital of the Company (a “Share”) and one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share in the capital of the Company (a “Warrant Share”) for a period of two (2) years from the date of issue at an exercise price of $0.40 per Warrant Share, subject to acceleration in the event that the trading price of the Shares equals or exceeds $0.50 for a period of 10 consecutive days.
In connection with the Second Tranche, the Company issued 58,492 finder’s warrants (the “Finder’s Warrants”) and paid commissions of $14,623. Each Finder’s Warrant will entitle the holder, on exercise thereof, to acquire one additional Share at a price of $0.25 per share for a period of two (2) years from the date of issuance.
The securities offered in the Second Tranche are subject to a four month and a day transfer restriction from the date of issuance expiring on April 16, 2023, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company intends to use the proceeds of the Second Tranche for funding the Company’s Peru projects and general office and administration requirements.
Restricted Share Unit Grant
The Company also announces that a total of 50,000 restricted share units (the “RSUs“) have been granted to a consultant of the Company pursuant to the Company’s long-term incentive plan.
Each RSU entitles the holder to acquire one common share of the Company on vesting. All 50,000 RSUs will vest on December 15, 2023.
Not for distribution to U.S. news wire services or dissemination in the United States.
About DLP Resources Inc.
DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia and Peru, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP. Please refer to our web site www.dlpresourcesinc.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT: DLP Resources Inc.
Ian Gendall, CEO & President
Jim Stypula, Executive Chairman
Robin Sudo, Chief Financial Officer & Corporate Secretary
Maxwell Reinhart, Investor Relations
Telephone: 250-426-7808
Email: iangendall@dlpresourcesinc.com
Email: jimstypula@dlpresourcesinc.com
Email: robinsudo@dlpresourcesinc.com
Email: maxreinhart@dlpresourcesinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, orvariations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the use of the proceeds raised under the Second Tranche.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty and that the Company will not use the proceeds of the Second Tranche as currently anticipated.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Second Tranche as currently anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.