Deep South Resources plans to raise N$27,5 million through a private placement, with the proceeds earmarked for advancing the Haib copper project in Namibia and conducting exploration activities across its three exploration licences in Zambia.
Red Cloud Securities Inc will act as a finder in conjunction with the non-brokered private placement, offering up to 30,7 million units of the exploration company at a price of N$0,89 (equivalent to C$0,065) per unit.
The offering will be executed in two tranches, with the initial tranche anticipated to conclude on or around 30 August and the final tranche scheduled for mid-September.
The development follows the renewal of the miner’s prospecting licence by the Ministry of Mines and Energy, concluding a protracted court battle with the government department that arose when the project’s licence renewal was denied in 2021.
Situated 40 kilometres from the southern boundary of Namibia, the Haib copper deposit covers an area of 370 square kilometres.
A preliminary technical and economic study indicates that the Haib copper mine could have a lifespan of approximately 24 years, with a production capacity of 35 332 tonnes of copper cathode and 51 080 tonnes of copper sulfate per year.
– The Brief
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