Vancouver, BC, Dec. 24, 2024 (GLOBE NEWSWIRE) — Demesne Resources Ltd. (CSE:DEME) (OTCQB:DEMRF) (Demesne or the Company) is pleased to announce that it has completed the third tranche (the Third Tranche) in its first announced non-brokered private placement financing (the offer). Pursuant to the Third Tranche, the Company issued 1,660,000 common shares of the Company (Common features), at a price of $0.25 per Common Share for gross proceeds of approximately $415,000.

The Company plans to complete the next tranche of the Offering, for gross proceeds of up to $424,599 in January 2025.

In connection with the Third Tranche, the Company paid finder’s fees to qualified finders consisting of $17,150 in cash and 68,600 Common Share purchase warrants (the Finder’s Warrants). Each Finder’s Warrant is exercisable to acquire one Common Share in the capital of the Company at an exercise price of $0.25 per Common Share within 12 months.

The closing of the Offering is subject to a number of conditions, including the receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange (the CSE).

The Company will use the net proceeds from the Offering to fund certain payments pursuant to an option agreement with respect to the IMA Mine Project, certain payments pursuant to an option agreement with respect to the Star Project, expenses with in connection with the work program, selling expenses, and for general working capital purposes. All securities issued in connection with the Third Tranche are subject to a statutory hold period of four months plus one day from the date of issuance pursuant to applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the US Securities Act) or any state securities laws and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

ABOUT DEMESNE RESOURCES LTD.

Demesne Resources Ltd. is a British Columbia-based company involved in the acquisition and exploration of magnetite mineral properties. The Company’s Star Project consists of five contiguous mineral titles covering an area of ​​approximately 4,615.75 hectares located in the Skeena Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it has the right to acquire an undivided 100% interest in the Star Project. Demesne has also entered into an option agreement, pursuant to which it will acquire a 100% interest (subject to a 2% royalty) in and to the IMA Mine Project, a previously producing underground tungsten mine located at 22 patented claims located in East Central, Idaho, United States.

Social media links:

LinkedIn: https://www.linkedin.com/company/demesneresources/

X: https://x.com/demesneresource

Facebook (NASDAQ:): https://www.facebook.com/DemesneResources

Instagram: https://www.instagram.com/demesneresources/

YouTube: https://www.youtube.com/@demesneresources

ON BEHALF OF THE BOARD OF DIRECTORS:

Murray Nye
CEO
1055 West Georgia Street, Suite 1500
Vancouver, BC V6E 0B6
Canada

For more information, please contact:

Murray Nye, CEO
Email: [email protected]
Phone: +1 (416) 300-7398

CSE: DEME
OTCQB:DEMRF

The Canadian Securities Exchange accepts no responsibility for the fairness or accuracy of this release and does not approve or disapprove of the contents of this press release.

This press release includes “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such statements represent the Company’s current views regarding future events and are necessarily based on numerous assumptions and estimates that, even if considered reasonable by the Company, are inherently subject to significant risks. in business, economy, competition, political and social, contingencies and uncertainties. A number of factors, known and unknown, could cause results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied in such expectations. statement. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information except as required by applicable laws, rules and regulations.

Holly Iervella

Source: Demesne Resources Ltd.