DEEP Earth Energy Production Corp. (the “Corporation” or “DEEP”) is pleased to announce a private placement for subscription up to a maximum of $5,000,000 or 10,000,000 share units.
Each unit is comprised of one (1) Class “A” common voting share of the Corporation (each a “Common Share”) having an issuance price of $0.50, and one (1) warrant (each a “Warrant”) issued for no additional consideration. Each Warrant entitles the holder thereof to purchase an additional Common Share on payment to the Corporation of the exercise price of $0.75 per Warrant at any time prior to that date which is 24 months from the date the Warrant was issued.
The proceeds from the sale of these Common Shares will be used by the Corporation towards the development of its Saskatchewan geothermal power project.
Existing shareholders will have a first right of refusal on the units until May 24th, and then offered to new subscribers if not fully allocated.
DEEP is developing geothermal resources to meet increasing energy needs with sustainable, clean and renewable energy.