Business
Denarius Metals Announces Proposed C$20 Million Private Placement, Zancudo Project Update, Engagement of a Market Maker and Stock Option Grants
Toronto, Ontario--(Newsfile Corp. - August 9, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced today tha
About this update from Denarius Metals Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - August 9, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (\"Denarius Metals\" or the \"Company\") announced today that the Company plans to complete a non-brokered private placement of up to 40,000,000 common shares of the Company at a price of CA$0.50 per common share for gross proceeds of up to CA$20,000,000 (the \"Offering\"). It is anticipated that the closing of the Offering will occur on or about September 6, 2023. Completion of the Offering is subject to receipt of TSX Venture Exchange (\"TSXV\") approval. The common shares issuable in connection with this Offering will be subject to a hold period expiring four months and one day after the date of issuance. The Company intends to use the net proceeds of the Offering (i) to pay for the Phase 1 construction activities nearing completion in the third quarter of 2023 at the Company's Zancudo Project in Colombia, including access road construction, plant site refurbishment, the acquisition and installation of new crushing equipment, and associated civil works, (ii) to fund the Phase 2 construction at the Zancudo Project including acquisition and installation of a new concentrate plant, tailings storage facility construction and other site infrastructure, and (iii) for working capital and general corporate purposes. Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, \"The Zancudo Project is rapidly taking shape as our first mine to come into operation and will provide us with an ongoing source of internally generated cash flow as we explore and develop our larger polymetallic projects in Spain. Designing the Zancudo Project to focus on producing and selling a concentrate once the Phase 2 construction is completed allows us to minimize the start-up capital investment and to limit the local environmental impact at the site. We have recently completed the third phase of our validation and in-fill drilling program at our Lomero Project in Southern Spain. Final assays are pending and we expect to have a drilling update shortly. Europa Metals announced on August 4, 2023 that the current drill campaign at the Toral Project in Northern Spain is nearing its close and all holes have intersected mineralization as expected and the intersections reported to date have correlated well with the known existing resource...