DLP Resources Announces AGM Results and Non-Brokered Private Placement
Cranbrook, British Columbia--(Newsfile Corp. - October 4, 2022) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") is pleased to report that all matters were approved at the Company's annual general shareholders meeting (the "Meeting") held on October 3, 2022. At the Meeting, the Company's shareholders re-elected all of the Company's current board of directors, Jim Stypula, Carol Li, Richard Zimmer, William Bennett and Don Njegovan, as well as approved the re-appointment of the Company's current auditor, De Visser Gray LLP. The Company's shareholders also approved the adoption of a 10% rolling Long Term Incentive Plan, which replaces the Company's previous stock option plan.
DLP is also pleased to announce that it intends to complete a non-brokered private placement offering up to 8,000,000 units ("Units") at a price of $0.25 per Unit, for gross proceeds of up to $2,000,000 (the "Private Placement"). Each Unit will consist of one common share (a "Share") of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant").
Each Warrant will entitle the holder to purchase one additional Share of the Company at a price of $0.40 per Share for a period of twenty-four (24) months from the date of closing. The Warrants are subject to an acceleration clause in the event the trading price of the Shares equals or exceeds $0.50 per Share for a period of ten (10) consecutive days.
DLP intends to pay finder's fees in connection with the Private Placement to certain eligible finders in the form of: (i) a cash commission of 7.0% of the gross proceeds raised under the Private Placement from investors introduced to DLP by the finder; and (ii) the issuance of such number of common share purchase warrants of DLP ("Finder's Warrants") equal to 7.0% of the Shares issued under the Private Placement from investors introduced to DLP by the finder. Each Finder's Warrant will be exercisable to purchase one Share at a price of $0.25 per Share for a period of twenty-four (24) months from the date of closing.
The proceeds of the Private Placement will be used for funding the Peru projects and general office and administration requirements.
About DLP Resources Inc.
DLP Resources Inc. is a mineral exploration company operating in Southern Peru and Southeastern British Columbia, exploring for Copper, Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.
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FOR FURTHER INFORMATION PLEASE CONTACT:
DLP Resources Inc.
Ian Gendall, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Maxwell Reinhart, Investor Relations
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.
Forward Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the anticipated total proceeds to be raised under the Private Placement; the intended use of any proceeds raised under the Private Placement; and the expected finder's fees to be paid in connection with the Private Placement.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, delays in obtaining or failure to obtain required regulatory approvals for the Private Placement; market uncertainty; and the inability of the Company to raise the anticipated proceeds under the Private Placement.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will obtain the required regulatory approvals for the Private Placement; the Company will be able to raise the anticipated proceeds under the Private Placement; and the Company will use the proceeds of the Private Placement as currently anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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