HALIFAX, NOVA SCOTIA – December 20, 2019 - Oceanus Resources Corporation (TSXV:OCN and OTCQB:OCNSF) ("Oceanus" or the “Company”) has closed a non-brokered private placement raising $375,000 through the issuance of 6,250,000 common shares at a price of $0.06 per common share. Certain officers and directors of Oceanus subscribed for an aggregate of 600,000 common shares. The common shares issued pursuant to this private placement are subject to a 4 month hold period that expires on April 21, 2020.
The proceeds from the private placement will be used for Oceanus’ El Tigre Property in Sonora, Mexico and for general working capital purposes. The private placement remains subject to final acceptance by the TSX Venture Exchange (the “Exchange”).
Oceanus intends to settle $492,121 of debt owed to geological service and drilling companies for exploration work conducted for the Company at its El Tigre Property by issuing 8,202,016 shares at a price of $0.06 per share. This Shares for Debt transaction is subject to the approval of the Exchange.
About Oceanus Resources Corporation
Oceanus Resources Corporation is a silver and gold exploration company operating in Mexico. Oceanus is managed by a team of mine finders with extensive experience in exploring and developing large hydrothermal gold projects in Mexico. Oceanus is currently exploring the El Tigre Property in Sonora, Mexico. A maiden resource estimate for the El Tigre Property was reported by Oceanus on September 13, 2017 containing indicated resources of 661,000 gold equivalent ounces at 0.77 g/t (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold). The complete National Instrument 43-101 technical report is available on the Company’s website and on SEDAR under the Company’s profile.
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President and CEO
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