Vancouver, BC, Dec.  24, 2024  (GLOBE NEWSWIRE) -- Demesne Resources Ltd. (CSE:DEME) (OTCQB:DEMRF) ("Demesne" or the "Company") is pleased to announce that it has completed the third tranche (the "Third Tranche") of its previously announced non-brokered private placement financing (the "Offering"). Pursuant to the Third Tranche, the Company issued 1,660,000 common shares of the Company ("Common Shares"), at a price of $0.25 per Common Share for gross proceeds of approximately $415,000.

The Company plans to complete a subsequent tranche of the Offering, for gross proceeds of up to $424,599 in January 2025.

In connection with the Third Tranche, the Company paid finder's fees to eligible finders consisting of $17,150 in cash and 68,600 Common Share purchase warrants (the "Finder's Warrants"). Each Finder's Warrant is exercisable to acquire one Common Share of capital of the Company at an exercise price of $0.25 per Common Share for a period of 12-months.

Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange (the "CSE").

The Company will use the net proceeds from the Offering to fund certain payments pursuant to an option agreement in connection with the IMA Mine Project, certain payments pursuant to an option agreement in connection with the Star Project, work program related expenses, marketing expenses, and for general working capital purposes. All securities issued in connection with the Third Tranche are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.