Deep-South Has Closed a Private Placement and Advanced the Updated 2018 PEA

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[{"type":"text","content":"Deep-South Has Closed a Private Placement and Advanced the Updated 2018 PEA(via TheNewswire)\n \n \nVancouver, B.C., Canada - TheNewswire - April 2, 2020 - Deep-South Resources Inc. (\"Deep- South\" or \"the Company\") (TSXV:DSM) announces that it has closed a private placement totaling $67,400. The private placement has been subscribed by insiders of the Company. \n\n \n \nThe non-brokered private placement comprises 1,348,000 units (the \"Units\") of Deep- South, at a subscription price of $0.05 per Unit. Each Unit will consist of one (1) common share and one (1) common share purchase warrant (\"Warrant\") of Deep- South. Each Warrant will entitle the holder thereof to purchase one (1) Deep-South common share at an exercise price of $0.09 during a period of sixty (60) months from the date of closing of the placement. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement.\n\n \n \n The proceeds of the private placement will be used for the purpose of carrying the\n\n\n \n development of the Haib Copper project in Namibia and for general working capital.\n\n \n \nPreliminary Economic Assessment (PEA) update\n\n \n \nDeep-South and Mineral Engineering and Technical Services of Australia (\"METS\") are working to update the PEA disclosed on February 2018 on its Haib Copper project in Namibia. Due to Covid-19 lockdowns in Australia, South Africa and Canada, the work has been slowed down and has delayed the production of the final report. However, the work is progressing and the updated report will be disclosed upon completion. \n\n \n \nThe update will incorporate the recoveries generated by the recent metallurgical test work.\n\n \n \nAbout METS :\n\n\n \nEstablished in 1988, Mineral Engineering Technical Services provides a range of services in the fields of Minerals processing, hydrometallurgy and pyrometallurgy. METS is the engineering company that produced Deep-South's Preliminary Economic Assessment (PEA) disclosed on February 26, 2018. You can visit METS at : https://www.metsengineering.com\n\n\n \nAbout Deep-South Resources Inc.\n\n \n \nDeep-South Resources Inc. is a mineral exploration company largely held by Namibian shareholders and Insiders with 24% and Teck Resources Ltd with 23% of Deep-South share capital. Deep-South currently holds 10...

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