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Dios Exploration Inc. Completes $617,000 Private Placement
MONTREAL, March 05, 2020 (GLOBE NEWSWIRE) -- Dios Exploration Inc. (Dios) is pleased to announce the completion of a non-brokered private placement in the amoun
About this update from Dios Exploration, Inc.
[{"type":"text","content":" MONTREAL, March 05, 2020 (GLOBE NEWSWIRE) -- Dios Exploration Inc. (Dios) is pleased to announce the completion of a non-brokered private placement in the amount of $617,000 pursuant to which 6,170,000 flow-though common shares were issued at the price of $ 0.10 each. The net proceeds will be used for exploration work on Dios’ wholly-owned K2 property, which is adjacent in strike SW to Azimut Exploration inc.'s Elmer property in the James Bay region, Quebec. Work completed by Dios on K2 has delineated wholly-owned 3 km long WI target electromagnetic conductor and, among others, ATTILA gold-copper-silver prospect, which is southwest of Azimut Exploration’s Patwon gold discovery, bearing similarities in some host rocks (felsic intrusive), alterations and 3 networks of quartz veins. K2 property is underlain by the same stratigraphy as Azimut’s Elmer property, north of the Opinaca Fault, a major regional structure. The President and CEO, Marie-José Girard added: “The K2 property covers 78.1 sq. km of highly prospective rocks for gold (148 claims). Drilling targets have already been defined by our team following recent field work. Dios has been working on K2 for the last few years and these funds will enable us to start first ever drilling in that area, for instance on WI target 3 km long electromagnetic conductor, which is not outcropping, but adjacent soil sampling returned high gold values, and highly altered felsic rock boulders with 1-20% pyrite were observed“. See January 15 press release. Three officers (Harold Desbiens, René Lacroix and Marie-José Girard) participated in the financing in the amount of $40,000. Pursuant to Policy 5.9 of the TSXV and Regulation 61-101 Respecting protection of minority security holders in special transactions, each of these purchases constitute a \"related party transaction\" however, the Company is exempt from obtaining minority shareholder approval and a formal valuation as the fair market value of the consideration for the transactions, as they involve interested parties, does not exceed 25% of The Company’s market capitalization. Disclosure of their participation was not previously made since the amount of their investment was not known. Securities issued under this financing will be subject to a hold period of four months. This private placement is carried out pursuant to...