Jet Gold changes name to Deep-South Resources
Jet Gold Corp. has received the approval to change its name to Deep-South Resources Inc. and to consolidate its common shares by a ratio of one new share for two old shares. The company will start trading under its new symbol DSM and on a consolidated basis at the market opening on Tuesday, Nov. 16, 2016. Further to the consolidation, the company will have 37,083,316 common shares issued and outstanding.
We seek Safe Harbor.
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Jet Gold 2,105,000-share private placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Sept. 28, 2016.
Number of shares: 2,105,000 shares
Purchase price: seven cents per share
Warrants: 1,052,500 share purchase warrants to purchase 1,052,500 shares
Warrant exercise price: 17 cents for a two-year period
Number of placees: seven placees
Finder’s fee: $1,344 payable to Mackie Research Capital
Note that in certain circumstances, the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Deep South Resources Inc., Mining, News Home
Jet Gold closes $147,350 private placement
Jet Gold Corp. has closed a non-brokered private placement of 2,105,000 units at seven cents per unit for gross proceeds of $147,350. Each unit consists of one common share and one-half common share purchase warrant of Jet Gold. Each full warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the private placement, to purchase one Jet Gold common share at an exercise price of 17 cents per common share. Each security issued pursuant to the placement will have a mandatory four months holding period from the closing date of the placement.
The company has paid Mackie Research Capital Corp. a finder’s fee of $1,344 and issued 19,200 compensation warrants. The compensation warrants have the same terms and conditions as the warrants. Each security issued pursuant to the placements has a mandatory four-month hold period from the date of closing of the placements.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Deep South Resources Inc., Mining, News Home
Jet Gold closes acquisition of 30 of Haib Minerals
Jet Gold Corp. has closed the acquisition and debt settlement previously announced on March 21, 2016.
Haib Copper 30-per-cent interest acquisition
Jet Gold has acquired 30 per cent of Haib Minerals Pty. Ltd. in exchange for 45 million common shares of Jet Gold issued to the shareholders of 1054137 B.C. Ltd (B.C.). B.C. holds 100 per cent of the share capital of Deep-South Mining Company (Pty.) Ltd., which holds 30 per cent of Haib Minerals. The remaining 70 per cent of Haib Minerals is held by Teck Namibia Ltd., a wholly owned subsidiary of Teck Resources Ltd. Haib Minerals holds the exclusive prospecting licence 3140 (EPL 3140), which hosts the large Haib copper project situated in the south of Namibia.
Debt settlement in shares and convertible debenture
Deep-South had a loan with Teck Namibia totalling approximately $889,117. The loan was contracted to cover past exploration expenditures. Jet Gold has settled the loan with Teck Namibia by the issuance of 8,333,333 of its common shares to Teck for a value of $500,000 and by the issuance of a convertible debenture to Teck Namibia for a value of $389,117. The debenture will bear interest on the outstanding principal amount at the London interbank offered rate plus 2 per cent per annum, payable with the principal at maturity. The debenture will have a maturity of 48 months and is payable in cash; however, it may be convertible into Jet Gold shares at the option of Teck Namibia at any time prior to maturity at a price of seven cents per Jet Gold share. Further to this transaction, Teck will hold 11.6 per cent of Jet Gold share capital and has become an insider of the company.
Private placement
The company has closed a non-brokered private placement of 5,358,571 units at seven cents per unit for gross proceeds of up to $375,100. Each unit consists of one common share and one-half common share purchase warrant of Jet Gold. Each full warrant will entitle the holder thereof, during a period of 24 months from the date of closing of the private placement, to purchase one Jet Gold common share at an exercise price of 17 cents per common share. Each security issued pursuant to the placement will have a mandatory four-month holding period from the closing date of the placement. The company has paid Mackie Research Capital Corp. a finder’s fee of $5,120 and issued 73,143 compensation warrants, and has paid Foster & Associates Financial Services Inc. $3,528 and issued to it 50,400 compensation warrants. The compensation warrants have the same terms and conditions as the warrants. Each security issued pursuant to the placements has a mandatory four-month hold period from the date of closing of the placements.
The shares of the company will resume trading on the TSX Venture Exchange on Wednesday, Aug. 31, 2016.
About the Haib copper project
The Haib project is a large copper-molybdenum porphyry deposit located in the Karas region of southern Namibia, eight kilometres from the Orange River and the South African border. The deposit, discovered in the 1950s, has seen over 50,000 metres of drilling in the 1970s by companies such as Rio Tinto and Falconbridge Ltd. Since 2010, Teck Namibia completed over 14,000 metres of drilling with results such as 121 metres at 0.5 per cent Cu, 494 m at 0.36 per cent Cu and 30 m at 0.81 per cent Cu. A report from Behre Dolbear, completed in 1996, has estimated the historical estimates at Haib in a range presented in the attached table.
HAIB HISTORICAL ESTIMATE -- BEHRE DOLBEAR/GSM Behre Dolbear's model Inverse distance Nearest GFM model Kriging squared neighbour Cut-off ({92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu) Mt Grade Mt Grade Mt Grade Mt Grade {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu {92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cu 0.1 1,350 0.23 1,353 0.23 1,331 0.23 1,184 0.25 0.2 730 0.28 739 0.29 726 0.29 630 0.34 0.3 230 0.37 244 0.37 262 0.38 292 0.46
GFM and Behre Dolbear models used the kriging method as the basis for their estimate calculations. Kriging is a statistical estimation technique widely used for porphyry deposits. The other methods used by Behre Dolbear were used for validation of the estimates. The Behre Dolbear report was produced from a geostatistical block model completed in 1996 by Great Fitzroy Mineral (GFM). The historical estimate comprised principally the compilation and verification of all drill hole data, incorporating all available data to the end of the Rio Tinto Zinc program completed in 1975 and comprising over 50,000 metres of drilling.
The estimates of tonnages and grades quoted in this report were prepared prior to publication of National Instrument 43-101 in 2001 and are considered as historical estimates. The historical grades and resources terminology from the original historical reports are to be used only as a reference and should not be considered as a current mineral resource under NI 43-101, but are to be considered as historical estimates as per the NI 43-101 rules and policies.
P&E Walker Consultancy, hired to prepare a technical review of all the historical data and reports, acting as qualified person, has not completed sufficient work to classify the historical estimate as current mineral resource under NI 43-101. Jet Gold is not treating the historical resource as a current mineral resource under NI 43-101.
P&E Walker Consultancy has prepared a technical review of all the historical data and reports. The NI 43-101 qualification report will be filed on SEDAR and will be available on the SEDAR website.
Teck Namibia manages the exploration programs, and the main goal has been to better define and characterize the tonnage/grade distribution (for Cu and molybdenum) of the Haib deposit and to explore under cover for adjacent orebodies. The program goals for 2016 are to complete a new resource model and to review the key economic parameters for the project. Peter Walker, BSc (honours), MBA, PrSciNat, is the author of the NI 43-101 qualifying report and is responsible for the technical part of this press release, and is the designated qualified person under the terms of National Instrument 43-101.
Tim Fernback, chief executive officer of Jet Gold, stated: “We are delighted with this transaction. Haib is the largest known porphyry copper deposit in Africa situated in an ideal location adjacent to modern infrastructure and in one of the best mining countries in Africa. Teck has one of the best teams of porphyry exploration specialists in the world and also brings strong shareholder support to the company. Haib has substantial exploration potential and is a quality asset, which adds serious value for our shareholders.”
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in Deep South Resources Inc., Mining, News Home