Demesne Resources Ltd. Completes Second Tranche of Private Placement Financing

Demesne Resources Ltd. (CSE:DEME) (OTCQB:DEMRF) has finalized the second tranche of its previously announced non-brokered private placement financing. This announcement was made on December 13, 2024. Demesne Resources, based in Vancouver, British Columbia, is actively involved in the acquisition and exploration of mineral properties.

In the second tranche, the company issued a total of 3,495,603 common shares at a price of $0.25 each. This move has generated approximately $873,901 in gross proceeds for the company.

Details of the Offering

Looking ahead, Demesne plans to conduct a subsequent tranche of the financing, aiming for gross proceeds of up to $839,599 in December 2024.

As part of the second tranche, finder fees were paid to eligible finders totaling $1,050 in cash, along with 4,200 common share purchase warrants. Each warrant allows the holder to purchase one common share at an exercise price of $0.25 for a period of 12 months.

Use of Proceeds

The net proceeds from the offering are earmarked for various purposes. The funds will be used to fulfil payments outlined in option agreements related to the IMA Mine Project and the Star Project. Additionally, the funds will assist with work program expenses, marketing costs, and other general working capital needs.

All securities issued in this tranche will be subject to a statutory hold period of four months plus one day from the issuance date as per applicable securities legislation.

Company Overview

Demesne Resources focuses on identifying and exploring magnetite mineral properties. Their Star Project encompasses five contiguous mineral titles that cover approximately 4,615.75 hectares in the Skeena Mining Division of British Columbia, Canada. Furthermore, the company has negotiated options to acquire a full interest in the IMA Mine Project, an underground tungsten mine with past production located in East Central Idaho, United States.

This financing is a significant step for Demesne Resources as it continues to advance its mining projects and engage with investors.

financing, mining, investment