The Company is pleased to offer the 30% Critical Mineral Exploration Tax Credit which was introduced to support specified critical minerals exploration expenditures incurred in
The Offering will consist of a combination of (i) up to 7,142,857 units of the Company issued on a flow-through basis (the 'FT Unit') at a price of
Each FT Unit will consists of one common share that will qualify as a 'flow-through share' within the meaning of the Income Tax Act (
The Company intends to use the FT Proceeds to incur Canadian Exploration Expenses and 'flow-through mining expenditures' as defined in the Income Tax Act (
The VanLab Property
The VanLab property covers a portion of the Labrador Trough approximately 200 kilometres northwest of
On the 'Surprise 2' showing, grab sample no 11353 A graded 6.0% vanadium and 0.7% uranium (GM41311). Another grab sample graded 1439 ppm vanadium, over 2000 ppm molybdenum, 1413 ppm lead, 1.2 ppm silver and 57 ppm uranium (GM62471).
Twelve km southwest of the 'Surprise 2' showing, Damara holds a block of claims containing the 'Lac Savigny' showing. This showing consists of a main diatreme (brecciated explosive pipe) with a 500 m diameter surrounded by 5 satellite diatremes of a few ten-meter diameters within a 1 km radius area. The diatremes consist of carbonatite within brecciated slate of the Savigny Formation. Sample 1986025434 graded 6697 ppm of rare earth (MB 93-04). Another sample graded 0.02% niobium and 0.04% rare earths (
The entire claim block has been surveyed by modern airborne electromagnetics, magnetics and radiometrics. Damara obtained this public data from the 'M'inistere' files and reprocessed them to identify specific targets for the 2023 field program. The primary exploration focus will be for vanadium, copper and cobalt.
The funds raised will be used for a one-month prospection and geology survey to locate, sample and map the mineralized zones to prepare for the next exploration phase which should consist of a drilling campaign.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in
About Damara
Contact:
Tel: (250-717-1840)
Disclaimer for Forward-Looking Information
This news release contains statements that constitute 'forward-looking Information', as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words 'expects,' 'plans,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'projects,' 'potential' and similar expressions, or that events or conditions 'will,' 'would,' 'may,' 'could' or 'should' occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in
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