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DLP Resources Announces Exploration Update & Closing of Oversubscribed Private Placement of Flow-Through Shares
Cranbrook, British Columbia--(Newsfile Corp. - September 19, 2022) - DLP Resources Inc. (TSXV...
About this update from Dlp Resources, Inc.
[{"type":"text","content":"DLP Resources Announces Exploration Update & Closing of Oversubscribed Private Placement of Flow-Through SharesCranbrook, British Columbia--(Newsfile Corp. - September 19, 2022) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) (\"DLP\" or the \"Company\") is pleased to announce that drilling of the first hole, A22-001, at the Aurora copper-molybdenum project in Peru is at a depth of 188m with good visual copper mineralization throughout. Drilling of five holes at the Hungry Creek project and one hole at the Copper Creek project in SE BC has been completed with copper results awaited from the sampling of copper mineralization observed in the holes.Private Placement In addition to the summer drilling of copper projects in BC and Peru, DLP has closed its previously announced non-brokered private placement (the \"Private Placement\"), whereby the Company has completed the issuance of 2,120,000 flow through shares (each, a \"FT Share\") at a price of $0.25 per FT Share for gross proceeds of $530,000.In connection with the Private Placement, the Company issued 40,600 finder's warrants (the \"Finder's Warrants\") and paid commissions of $10,150. 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 $0.25 per share for a period of 18 months from the date of issuance.The Private Placement remains subject to final acceptance of the TSX Venture Exchange. 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 January 17, 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 Hungry Creek and Copper Creek Projects.Certain insiders of the Company purchased an aggregate of 240,000 FT Shares in the Private Placement and such participation is considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation. The Company did not file a material change re...