Halifax, Nova Scotia / TheNewswire / September 8, 2016 – Oceanus Resources Corporation (TSXV:OCN) (“Oceanus” or the “Company”) announces a non-brokered private placement for $1,500,000 by the sale of common shares of the Company (“Common Shares”) at a price of $0.25 per share. The Common Shares are subject to a 4 month hold period. In connection with the offering, a finder’s fee may be paid consisting of a cash payment equal to up to 6% of the proceeds raised pursuant to this private placement.
The proceeds from the private placement will be used for exploration at Oceanus’ El Tigre Property in Sonora, Mexico and for general working capital purposes. The private placement is subject to TSX Venture Exchange (“TSX-V”) and other required regulatory approval.
Oceanus commenced diamond drilling in July, 2016 at its El Tigre Property. Oceanus also announces that it will mobilize a second drill rig to its El Tigre Property immediately. The second drill rig will begin drilling at El Tigre in September, 2016.