DEEP Earth Energy Production Corp. (the “Corporation” or “DEEP”) is pleased to announce the closing and oversubscription of its $5 million private placement offering launched on November 25th, 2020. On January 25th, 2021, DEEP closed this private placement with an oversubscribed total of $5,576,450.
The company received subscriptions for 6,788,600 units of the Company (each a “Unit”) at CAD$0.75 per Unit, for gross proceeds to the Corporation of $5,091,450. Each Unit is comprised of one (1) Class “A” common voting share of the Corporation (each a “Common Share”) 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 CAD$0.75 per Warrant at any time prior to that date which is 36 months from the date the Warrant is issued.
The company also received subscriptions for 485,000 shares issued on a flow-through basis under the Income Tax Act (Canada) (each a “Flow-Through Share”) at CAD$1.00 per share for gross proceeds to the Corporation of CAD$485,000.
“DEEP saw incredible support from investors as we closed this offering at just over $5.5M.” commented Kirsten Marcia, DEEP’s President and CEO. “This is a clear demonstration of support for our geothermal power facility. The company is now fully capitalized to complete final field work and bankable feasibility engineering this year”.
About DEEP Earth Energy Production:
DEEP is developing geothermal resources to meet increasing energy needs with sustainable, clean and renewable energy. The company is advancing its first 20MW geothermal power facility in southern Saskatchewan that will produce emission free baseload power. This first facility is on track for full commissioning by early 2023. A staged build aims to increase the project to 100 – 200MW of renewable power generation.
For more information, please visit DEEP’s website at www.deepcorp.ca or contact: President & CEO, Kirsten Marcia: (306) 261-6979, kmarcia@deepcorp.ca; or
Wade MacBain, financial analyst: (306) 717-1818, WadeM@versabank.com
Future Oriented Financial Information Disclaimer:
Some of the statements in this news release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. DEEP, including its directors or officers, do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will DEEP or its directors or officers be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this update or for any related damages. You should consult your professional advisors before deciding to make an investment decision in DEEP.
