Dakota Territory Resource Corp Announces Upsize to Private Placement to $45 Million

Rhea-AI Summary

Dakota Territory Resource Corp (OTCQB: DTRC) announced an upsized private placement, increasing the offer from 5,555,556 to 10,000,000 shares of common stock at $4.50 each. This change raises the potential gross proceeds from $25 million to $45 million. The closing is expected around July 9, 2021, pending approvals. Proceeds will be used for gold property exploration and general working capital. The offering is exempt from registration under the Securities Act of 1933.

Positive

• Increase in private placement from 5.6 million to 10 million shares.
• Potential gross proceeds raised from $25 million to $45 million.
• Funds will support exploration of gold properties.

Negative

• None.

Lead, South Dakota, June 24, 2021 (GLOBE NEWSWIRE) -- Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased to announce that it is upsizing its previously announced non-brokered private placement (the "Private Placement") from up to 5,555,556 shares of common stock of the Company (each a “Common Share”) to up to 10,000,000 Common Shares, at a price of $4.50 per Common Share, representing an increase in the aggregate potential gross proceeds from $25 million to $45 million. The Common Shares will be issued pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended (the “Securities Act”).

The Private Placement is expected to close in full on or around July 9, 2021, subject to all necessary approvals. The net proceeds of the Private Placement will be used by Dakota Territory for exploration of its gold properties and general working capital purposes.

This news release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. Any securities offered and sold under the Private Placement have not been, and will not be, registered under the Securities Act, or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.

About Dakota Territory Resource Corp

Dakota Territory Resource Corp is a Nevada corporation with offices located at Lead, South Dakota. Dakota Territory is committed to creating shareholder value through the acquisition and responsible exploration and development of high caliber gold properties in the Black Hills of South Dakota.

Inquiries

Shareholder and Investor Inquiries: For more information, please contact Jonathan Awde at 604-761-5251 or info@gold-sd.com.

Social and Public Relations Inquiries: For more information, please contact Elizabeth Sailer at 605-580-0480 or info@gold-sd.com.

Forward Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statements regarding the Private Placement. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others, the inability to complete the Private Placement on the terms contemplated, or at all, the use of proceeds of the Private Placement, the state of the economy and financial markets generally and the effect on our industry, and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended March 31, 2020, as amended, as updated by annual, quarterly and other reports and documents that we file with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law.

FAQ

What is the recent private placement announcement by DTRC?

Dakota Territory Resource Corp announced an upsized private placement increasing shares from 5.6 million to 10 million at $4.50 each, raising potential proceeds to $45 million.

What are the proceeds from DTRC's private placement used for?

The proceeds from the private placement will be used for exploration of gold properties and general working capital.

When is the expected closing date for DTRC's private placement?

The private placement is expected to close on or around July 9, 2021.

What is the share price for DTRC's private placement?

The shares in Dakota Territory's private placement are priced at $4.50 each.