Business
DLP Resources Announces Closing of Private Placement of Flow-Through Shares
Cranbrook, British Columbia--(Newsfile Corp. - April 6, 2023) - DLP Resources Inc.  (TSXV:...
About this update from Dlp Resources, Inc.
[{"type":"text","content":"DLP Resources Announces Closing of Private Placement of Flow-Through SharesCranbrook, British Columbia--(Newsfile Corp. - April 6, 2023) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) (\"DLP\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Private Placement\"), whereby the Company has completed the issuance of 4,281,250 flow through shares (each, a \"FT Share\") at a price of $0.40 per FT Share for gross proceeds of $1,712,500. Each FT Share will constitute a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (the \"ITA\") and the proceeds will be used to incur expenses that will be eligible for the Critical Mineral Exploration Tax Credit (the \"CMETC\").In connection with the Private Placement, the Company issued 282,188 finder's warrants (the \"Finder's Warrants\") and paid commissions of $112,875. Each Finder's Warrant will entitle the holder, on exercise thereof, to acquire one additional common share in the capital of the Company at a price of $0.40 per share for a period of 24 months from the date of issuance.The Private Placement remains subject to final acceptance of the TSX Venture Exchange (the \"TSXV\"). The securities offered in the Private Placement are subject to a four month and a day transfer restriction from the date of issuance expiring on August 7, 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 Private Placement for drilling on its Copper Creek Project, follow-up sampling, prospecting and evaluation of the Hungry Creek and Redburn projects and drilling on the Moby Dick and NZOU projects. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary.Proceeds from the sale of FT Shares will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the ITA and \"flow through mining expenditures\" as defined in subsection 127(9) of the ITA and will be targeted for critical minerals for eligibility under the CMETC. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised...