Delta Resources Announces the Closing of a $450,000 Private Placement
Kingston, Ontario–(Newsfile Corp. – January 31, 2023) – Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) (« Delta » or « the Company ») is pleased to announce that it has completed a non-brokered private placement by issuing 4,500,000 units of the Company at a price of $0.10 per unit, for gross proceeds of $450,000. Each unit consists of one common share and one common share purchase warrant exercisable for up to 24 months from closing at $0.18.
The net proceeds of the financing will be largely used for drilling at the Delta-2 VMS property in Chibougamau, Quebec. Portions will also be used for drilling at the Delta-1 Gold property in Thunder Bay, Ontario, and general working capital.
The Company is very pleased to receive the continued support of Quebec-based SIDEX and SDBJ who each contributed $200,000 in this financing. The remaining portions of the financing is from a single private investor.
- 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 participate in the implementation of projects having these objectives. http://www.sdbj.gouv.qc.ca
« We are extremely pleased with the recognition and support provided to Delta by SIDEX and SDBJ, » says André Tessier, President and CEO of Delta. « We have great drill programs underway and this cash infusion further solidifies our 2023 Exploration budget.«
In connection with this private placement, the Company has paid cash commissions in the aggregate amount of $3,500. As additional consideration, the Company also issued an aggregate of 35,000 non-transferable compensation warrants (the « Compensation Warrants« ) exercisable to acquire one common share of the Company at an exercise price of $0.25 at any time in whole or in part for a period of 24 months following the closing of the offering.
The closing of the Offering is subject to the receipt of all required regulatory approvals including the approval of the TSX-V. All securities issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the « 1933 Act« ) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
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 covers 58.3 square kilometres located 50 kilometres west of Thunder Bay, Ontario where a gold mineralized zone 950 metres long was outlined through drilling in a multi-kilometre-scale intense alteration halo. Best grades to date include a drill intercept of 14.8 g/t Au over 11.9 metres, within a broader interval of 5.92 g/t Au over 31m. The zone is open in all directions.
- DELTA-2 VMS and DELTA-2 GOLD covers 194 square kilometres in the prolific Chibougamau District of Quebec. The property holds excellent potential for gold-rich polymetallic VMS deposits as well as hydrothermal-gold deposits. Delta targets VMS deposits such as the LeMoine past producer where 0.76Mt were mined between 1975 and 1983, grading 9.6% Zn, 4.2% Cu, 4.5 g/t Au and 84 g/t Ag.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED
President and CEO
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
André C. Tessier, CEO and President
Frank Candido, Chairman
Vice-President Corporate Communications
Tel : 514-969-5530
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.