/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Oct. 20, 2023 /CNW/ - Demesne Resources Ltd. (CSE: DEME) ("Demesne" or the "Company") announces that in order to settle certain debts of the Company, Demesne intends to issue to three consultants (the "Consultants") an aggregate of 214,000 common shares in the capital of the Company (the "Shares") at a price of CAD$0.10 per Share in full and final satisfaction of approximately CAD$21,400 owing to the Consultants for services rendered (the "Shares for Debt Transaction").  The Shares are being issued at a price equal to the closing market price of the common shares of the Company as listed on the Canadian Securities Exchange ("CSE") on October 20, 2023, being CA$0.10, in accordance with the policies of the CSE.

The Company is completing the Shares for Debt Transaction to improve its financial position by reducing its existing liabilities. All Shares issued by the Company to the Consultants will be subject to a four-month and one-day hold period. The Shares for Debt Transaction remains subject to CSE acceptance. No new control person of the Company will be created pursuant to the Shares for Debt Transaction.

ABOUT DEMESNE RESOURCES LTD.

Demesne Resources Ltd. is a British Columbia based company involved in the acquisition and exploration of magnetite mineral properties, with a focus on mineral properties located in British Columbia. The Company's sole property is the Star Project, consisting of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The Company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project.

FORWARD–LOOKING STATEMENTS

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking.

Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking statements in this news release include statements with respect to the Shares for Debt Transaction, including the terms, timing, CSE approval and completion thereof.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, income tax and regulatory matters, the ability of the Company to execute its business strategies and risks associated with the Company's common shares trading on the CSE.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company undertakes no obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward–looking statement. Any forward–looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Although we believe that the assumptions inherent in the forward-looking statements are reasonable, there can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Demesne Resources Ltd.

© Canada Newswire, source Canada Newswire English