Deep-South Resources Inc. announced a non-brokered private placement of 30,769,231 units at a price of CAD 0.065 per share for the gross proceeds of CAD 2,000,000 on August 24, 2023. Each unit consists of one common share and 0.5 share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.10 for a period of 24 months from the issue date of the unit.

The offering is expected to close in two tranches, and the closing of the final tranche is expected to occur in mid-September 2023. The closing of the offering is subject to receipt of all necessary regulatory approvals, including the approval of the listing of the common shares issuable from the sale of the Units on the TSX Venture Exchange. The securities will be subject to a hold period ending on the date that is four months and one day from the issue date of the unit.