Vancouver, BC, March 10, 2026 (GLOBE NEWSWIRE) -- Deep Sea Minerals Corp. (CSE: SEAS) (OTCPK: DSEAF) (FSE: X45) ("Deep Sea" or the "Company") a subsea mineral exploration and development company focused on advancing critical mineral opportunities from the deep ocean, is pleased to provide a corporate update to certain disclosure in its Canadian Securities Exchange Form 2A - Listing Statement dated January 19, 2026 (the "Listing Statement"), as a result of raising gross proceeds of $4,220,170 in its over-subscribed non-brokered private placement of common shares of the Company on February 6, 2026 (the "Over-Subscribed Offering").
| Use of funds available | Amount disclosed in the Listing Statement | Updated amount as a result of the Over-Subscribed Offering(2) |
| Accounting, general and administration fees | $6,000 | $250,000 |
| Audit and tax preparation fees | $14,000 | $80,000 |
| Business development | - | 200,000 |
| Business objectives in Listing Statement | $1,000,000(1) | $1,000,000 |
| License and application fees | - | $500,000 |
| Investor relations activities | $2,000 | $1,000,000 |
| Legal fees | $6,000 | $100,000 |
| Management fees | $42,000 | $300,000 |
| Repayment of the Loan (as defined in the Listing Statement) | - | $50,000 |
| Transfer agent, regulatory and filing fees | $12,000 | $75,000 |
| Unallocated working capital | $12,480 | 759,650 |
| TOTAL: | $1,094,480 | $4,314,650 |
Notes:
(1) Business objectives in Listing Statement were subject to certain conditions, including the completion of a future financing to raise at least $1,000,000 within 90 days of the date of the Listing Statement. The Company raised gross proceeds of $4,220,170 in the Over-Subscribed Offering.
(2) The Company retains broad discretion over the use of available funds. The Company has identified certain forward-looking plans and objectives for its available funds, but the Company's ability to achieve such plans and objectives could change as a result of a number of internal and external factors. Because of the number and variability of factors that will determine our use of available funds, the Company's ultimate use might vary substantially from its planned use.
ABOUT DEEP SEA MINERALS CORP.
Deep Sea Minerals Corp. is a subsea mineral exploration and development company focused on evaluating opportunities to support the future supply of critical minerals through the acquisition, exploration, and development of deep-sea mineral assets.
The Company's strategy is centered on identifying jurisdictions and geological settings with potential exposure to polymetallic nodule systems, which are recognized for containing combinations of metals that may be relevant to defense, industrial manufacturing, clean energy infrastructure, advanced electronics, and artificial intelligence-related supply chains. These seabed resources represent a largely undeveloped component of the global mineral supply base and are the subject of increasing policy, scientific, and regulatory attention worldwide.
As part of this process, the Company has commenced early-stage engagement with selected governments and regulatory bodies in the Pacific Ocean region to assess potential pathways for future exploration initiatives, subject to applicable international, national, and environmental frameworks.
For further information, please see the Listing Statement, a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca
SOCIAL MEDIA
Website: https://www.deepseamineralscorp.com
Facebook: https://www.facebook.com/deepseacorp/
Instagram: https://www.instagram.com/deepseacorp
X: https://x.com/deepseacorp
LinkedIn: https://www.linkedin.com/company/deepseacorp
Youtube: https://www.youtube.com/@deepseacorp
ON BEHALF OF THE BOARD
- James A. Deckelman-
James A. Deckelman, Chief Executive Officer
For further information, please contact:
James A. Deckelman
Chief Executive Officer
Phone: 1-281-467-1279
Email: info@deepseamineralscorp.com
Forward-Looking Statements
This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to the use of proceeds and available funds following the completion of the Over-Subscribed Offering and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company undertakes no obligation to update publicly or otherwise revise any forward- looking statements, except as may be required by law.
