Delta Resources Announces Final Closing of Oversubscribed Private Placement in the Total Amount of $3,564,450
2021-12-22 08:21 ET – News Release
Kingston, Ontario–(Newsfile Corp. – December 22, 2021) – Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6G01) (« Delta » or « the Company ») is pleased to announce that it has completed a non-brokered private placement (as previously announced November 1 and November 29, 2021). Subject to TSX approval, Delta is closing today the second and final tranche of this financing in the amount of $200,999.90 in addition to the first tranche closing of this financing announced on December 6th, 2021, in the amount of $3,363,450. In this second tranche, Delta is issuing 503,703 Hard Cash units of the Company at a price of $0.27 per unit, for gross proceeds of $135,999.90. Each unit consists of one common share and one-half of a common share purchase warrant exercisable for up to 24 months from closing at $0.40. In addition, the Company has also issued 161,290 National Flow Through units of the Company at a price of $0.31 per unit, for gross proceeds of $50,000. Each unit consists of one National Flow Through common share and one half of a common share purchase warrant exercisable for up to 24 months from closing at $0.45. In addition, the Company has also issued 44,117 Quebec Flow Through units of the Company at a price of $0.34 per unit, for gross proceeds of $15,000.00. Each unit consists of one Quebec Flow Through common share and one half of a common share purchase warrant exercisable for up to 24 months from closing at $0.45.
The net proceeds of the financing will primarily be used for exploration including drill campaigns at its Delta-1 and Delta-2 properties in Thunder Bay, Ontario and Chibougamau, Quebec and general working capital. Any shares issued are subject to a four-month plus one day hold period.
The Company is pleased to have received significant support from three Quebec-based institutional funds for this financing as a whole:
- SIDEX L.P. (« SIDEX »): SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ. Its mission is to invest in companies engaged in mineral exploration in Québec in order to diversify the province’s mineral base, promote innovation and new entrepreneurs.
- The Société de Dévelopment de la Baie-James (« SDBJ »): SDBJ is an organization created under the James Bay Region Development Act adopted by Québec National Assembly in 1971. The SDBJ has been in existence for over 45 years with a mission to promote, from a sustainable development perspective, the economic development, improvement and exploitation of natural resources other than hydroelectric resources in the Baie-James territory. The SDBJ can also foster, support and participation in the implementation of projects having these objectives. http://www.sdbj.gouv.qc.ca
- The Fonds régionaux de solidarité FTQ have been participating in the economic development of Québec’s regions for over 25 years. Created in 1996, the Fonds régionaux have invested just over $1.15 billion in 1,500 companies, helping to create, maintain or protect close to 55,500 jobs.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the « U.S. Securities Act ») or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value through the exploration of two very high-potential gold and base-metal projects in Canada.
- DELTA-1, 45 km2 located 50km west of Thunder Bay, Ontario where an extremely high gold-in-till anomaly and kilometre-scale gold-bearing alteration halo point to a never-tested regional structure.
- DELTA-2 GOLD and DELTA-2 VMS, 170 km2 in the prolific Chibougamau District of Quebec, with a potential for hydrothermal-gold and gold-rich VMS deposits.
Delta has 48M shares outstanding (including this financing), is fully funded for its 2022 exploration program and, is set to receive an additional $400,000 on March 1st, 2022, through the sale of its Bellechasse-Timmins gold project in SE Quebec.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.
For Further Information:
Delta Resources Limited
Cautionary Note Regarding Forward Looking Information
Some statements contained in this news release are « forward looking information » within the meaning of Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as « plans », « expects », « is expected », « budget », « scheduled », « estimates », « forecasts », « intends », « anticipates », « believes » or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results « may », « could », « would », « might » or « will be taken », « occur » or « be achieved » or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management’s current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.