Delta Resources Announces 2nd and Final Closing of Oversubscribed Private Placement
DELTA RESOURCES ANNOUNCES 2nd and FINAL CLOSING OF
OVERSUBSCRIBED PRIVATE PLACEMENT
Friday, December 23, 2022 / Kingston, ON / Delta Resources Limited (“Delta” or “the Company”) ( TSX-
V:DLTA ) ( OTCBB:DTARF ) ( FRANKFURT:6G01 ) is pleased to announce the closing of a 2 nd and final tranche
of a non-brokered private placement as previously a nnounced December 6, 2022 [ Delta Resources
Announces Non-Brokered Private Placement] for total gross proceeds of $1,825,730 . This amount is in
addition to the first tranche previously announced on December 15, 2022 [ Delta Announces Strategic
Investment by Troilus Gold Corporation and First Cl osing of Private Placement ], in the amount of
$945,700.
For the final tranche of this financing, Delta iss ued 9,585,000 Common Share units of the Company at a
price of $0.10 per unit, for gross proceeds of $958,500. Each unit consists of one common share and one
common share purchase warrant exercisable for up to 24 months from closing at $0.18. In addition, the
Company has also issued 1,658,923 National Flow Through units of the Company at a price of $0.13 per
unit, for gross proceeds of $215,660. Each unit consists of one National Flow Through common share and
one half of a common share purchase warrant exercis able for up to 24 months from closing at $0.25. In
addition, the Company has also issued 4,654,074 Quebec Flow Through units of the Company at a price
of $0.14 per unit, for gross proceeds of $651,570. Each unit consists of one Quebec Flow Through common
share and one half of a common share purchase warra nt exercisable for up to 24 months from closing at
$0.25.
The net proceeds of the financing will predominatel y be used for drilling at the Delta-1 Gold property in
Thunder Bay, Ontario where Delta intersected 5.92 g /t gold over 31.0 metres and included 14.80 g/t Au
over 11.9 metres and 72.95 g/t Au over 2.2 metres o n October 19, 2022 in addition to further explorati on
and drilling at the Delta-2 VMS property in Chibougamau, Quebec and general working capital.
In connection with this tranche of the private plac ement, the Company has paid cash commissions in the
aggregate amount of $98,229. As additional consider ation, the Company also issued an aggregate of
875,019 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.
As a result of the closing of the second tranche of the Private Placement, there are 73,444,508 common
shares of Delta issued and outstanding.
Insiders have subscribed securities for $35,010 in the second tranche of the private placement; such
subscription is exempt from the formal valuation and minority shareholder approval requirements provided
under Regulation 61-101 respecting Protection of Minority Security Holders in Special
Transactions (“Regulation 61-101”) in accordance with sections 5.5(a) and 5.7(1)(a) of Regulation 61-101.
The exemption is based on the fact that neither the fair market value of the private placement, nor th e
consideration paid by such Insiders exceeds 25% of the market capitalization of Delta.
The closing of the Offering is subject to the receipt of all required regulatory approvals including the approval
of the TSXV. All securities issued and issuable pursuant to the Offering will be subject to a hold per iod 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 Uni ted
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 k ilometres west of Thunder Bay, Ontario where
a gold mineralized zone 950 metres long was outline d 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 kil ometres 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
Andre Tessier
President and CEO
www.deltaresources.ca
We seek safe harbor. Neither TSX Venture Exchange n or its Regulation Services Provider (as that term i s
defined in the policies of the TSX Venture Exchange ) accepts responsibility for the adequacy or accura cy of
this release. The TSX Venture Exchange has not appr oved nor disapproved of the information contained
herein.
For Further Information:
Delta Resources Limited
Andre C. Tessier, CEO and President
Tel: 613-328-1581
or
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-looki ng terminology such
as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or
variations of such words and phrases (including neg ative 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-looki ng information is inherently uncertain and involves risks, assumptions
and uncertainties that could cause actual facts to differ materially. There can be no assurance that f uture 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 r esponse to any
particular event.