MONTREAL, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Dios Exploration Inc. (“Dios”) (TSX-V: DOS) is pleased to report closing a private placement $1,090,800 (hard dollars) with a lead order from Palisades Goldcorp Ltd, consisting of 9,090,000 units of Dios, at the price of $0.12 each and comprising one common share (“Share”) of Dios and one Share purchase warrant, each granting the holder the right to purchase one Share of Dios at the price of $0.20, for a period of 36 months.
The net proceeds will be used for exploration work on Dios’ properties, mainly on its wholly owned K2 property (no royalties), and general administrative expenses.
Dios has signed drilling and other contracts for its drilling program to start in October 2020, on K2, James Bay region in Quebec. This first ever drilling in that area follows up work completed by Dios over the last few years on K2 and most recent ground IP (geophysics) survey delineating, west of Kali intrusion, a 3 km long WI target electromagnetic conductor (up to 10 g/t gold in outcrop) and, among others, 7 km east, the ATTILA gold-copper-silver prospect hosted in a fractured rhyodacite dome overlying Kali Porphyry to the south, (chalcopyrite-rich stringer/stockwork over 75 m long and 5 to 15 m wide yielding up to 8.08 g/t gold, 96.7 g/t silver, 2.43% Cu, south-west of Azimut Exploration’s Patwon gold discovery, bearing similarities in host rocks, alterations and quartz vein network. The K2 property is adjacent in the same trend SW to Azimut Exploration Inc’s Elmer project and is underlain by same stratigraphy north of the major regional Opinaca Fault .
Securities issued under this financing are subject to a hold period of four months. This private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. A finder’s fee of $48,888 was paid to arm’s length parties.
About Dios Exploration Inc.
Dios is a Quebec based exploration company focusing on gold in glacial lands, through proprietary diamond till sampling having also defined gold glacial dispersal trains with 502 claims along a major geological contact in James Bay, including the K2, AU 33, Clarkie, 33 Carats and 14K properties, all in the renowned mining jurisdiction of Quebec. The strength of Dios’s gold projects lies in their prospective location in James Bay along a major geological structure that is also home to Newmont’s Eleonore deposit and Azimut discovery. Dios’ strong technical team has recognized expertise with more than 30 years experience in mineral management and exploration projects, particularly in glacial terrane, and in building strong relationships with local communities. All exploration programs are subject to Dios’ strict CSR guidelines.
About Palisades Goldcorp
Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
Cautionary and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements", for example the planned use of proceeds. All statements in this discussion, other than those of historical fact, that address future exploration programs and events or developments that Dios expects, are considered forward-looking statements. Although Dios believes the expectations expressed are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results or developments may differ materially from those forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.