DEMESNE RESOURCES COMPLETES PAYMENT TO STAR PROPERTY OPTIONOR AND CERTAIN OFFICERS AND CONSULTANTS
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 24, 2023 /CNW/ - Demesne Resources Ltd. (CSE: DEME) ("Demesne" or the "Company") is pleased to announce that it has completed the second payment due under its option agreement dated May 11, 2022, between the Company and Christopher R. Paul, Michael A. Blady and Oliver J. Friesen (collectively the "Optionor") regarding the Company's Star Property (the "Option Agreement") consisting of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada (the "Star Property"). The payment to the Optionor consisted of 450,000 class A common shares of the Company ("Common Shares") and $24,000 in cash.
Under the Option Agreement, the Company is required to (i) issue an additional 600,000 Common Shares on the twelve month anniversary of the Company's listing (the "Listing Date") on the Canadian Securities Exchange (the "CSE") and make a cash payment of $45,000 to the Optionor; and (ii) issue an additional 600,000 Common Shares to the Optionor on the twenty-four month anniversary of the Listing Date.
The Company also announces that it has issued 500,000 Common Shares of the Company to Brennan Direnfeld, Chief Executive Officer, Corporate Secretary and director of the Company, at a deemed price of $0.10 per Common Share, pursuant to his consulting agreement with the Company. The payment consisted of 300,000 Common Shares for the six month period from November, 2022 to April, 2023, being his compensation for the forgoing period and 200,000 Common Shares, payable under his consulting agreement upon the successful listing of the Company on the CSE. The Common Shares issued to and Mr. Direnfeld are subject to the Company's escrow agreement dated February 6, 2023 and a four month and a day statutory hold period.
Additionally, the Company issued 60,000 Common Shares to a consultant of the Company at a deemed price of $0.10 for the six month period from November, 2022 to April, 2023, for services rendered to the Company. The Common Shares issued to the consultant are subject to a four month and a day hold period. The consultant is not a related party of the Company.
Demesne Resources Ltd. is a British Columbia based company involved in the acquisition and exploration of magnetite mineral properties, with a focus on mineral properties located in British Columbia. The Company's sole property is the Star project, consisting of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star project.
This news release contains forward–looking statements and forward–looking information within the meaning of Canadian securities legislation (collectively, "forward–looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward–looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward–looking statements. No assurance can be given that these expectations will prove to be correct and such forward–looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward–looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking statements. Such risks and uncertainties include, but are not limited to, the resumption of trading of the Shares and other factors set forth under "Forward–Looking Statements" and "Risk Factors" in the Final Prospectus. The Company undertakes no obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward–looking statement. Any forward–looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Demesne Resources Ltd.
Demesne Resources Ltd., Brennan Direnfeld, CEO, Corporate Secretary and Director, Email: [email protected]; Phone: (647) 328-8227
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