MONTREAL, May 01, 2020 (GLOBE NEWSWIRE) -- Dios Exploration Inc. (Dios) is pleased to announce closing of a final tranche of a non-brokered private placement in the amount of $401,000 pursuant to which 4,010,000 flow-though common shares were issued at the price of $ 0.10 each.
The net proceeds will be used for exploration work on Dios’ wholly-owned K2 property, which is adjacent in strike SW to Azimut Exploration inc.'s Elmer property in the James Bay region, Quebec. Work completed by Dios on K2 has delineated 3 km long WI target electromagnetic conductor and ATTILA gold-copper-silver prospect, which is southwest of Azimut Exploration’s Patwon gold discovery, bearing similarities in some host rocks (felsic intrusive), alterations and 3 networks of quartz veins. K2 property is underlain by same stratigraphy as Azimut’s Elmer property, north of Opinaca Fault regional structure.
The President and CEO, Marie-José Girard added: “The K2 property covers 78 sq. km of highly prospective rocks for gold (148 claims). Drilling targets have already been defined by our team following recent field work. Dios has been working on K2 for the last few years and these funds added to the March financing will enable us to start first ever drilling in that area, for instance on WI target 3 km long electromagnetic conductor, which is not outcropping, but adjacent soil sampling returned high gold values, and highly altered felsic rock boulders with 1-20% pyrite were observed“.
Securities issued under this financing will be subject to a hold period of four months. This private placement is carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange. There is a finder’s fee of $18,000 in connection with this financing to be paid to an arm’s length party in common shares of Dios. This press release was prepared by Marie-José Girard, Geo M.Sc., President of DIOS, Qualified Person pursuant to National Instrument 43-101.
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 the company expects, are considered forward-looking statements. Although the Company 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.