Delta Resources Announces Closing of Over Subscribed Non-Brokered Private Placement of $1.015M Hard Cash
Delta Resources Announces Closing of Over Subscribed
Non-Brokered Private Placement of $1.015M Hard Cash
Accesswire/ December 23, 2019 . Delta Resources Limited (“Delta” or the “Company”) (DLTA:TSX/V)
is pleased to announce that it has completed an ove rsubscribed non-brokered private placement (as
announced November 28, 2019), by issuing 5,075,000 units of the Company at a price of $0.20 per unit,
for gross proceeds of $1,015,000. Each unit consist s of one common share and one half of a common
share purchase warrant exercisable for up to 24 months from closing at $0.30
The net proceeds of the financing will primarily be used for exploration 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.
In connection with this private placement, the Comp any has paid cash commissions in the aggregate
amount of $16,000 . As additional consideration, the Company also iss ued an aggregate of 80,000 non-
transferable compensation warrants (the “ Compensation Warrants ”). Each Compensation Warrant is
exercisable to acquire one common share of the Comp any at an exercise price of $0.20 at any time in
whole or in part for a period of 24 months following the closing of the Offering.
The Company is pleased to have received significant support from Quebec-based institutional fund SIDEX
L.L.P. (“ SIDEX ”). SIDEX is an initiative of the Québec governmen t and the Fonds de solidarité des
travailleurs du Québec (F.T.Q.) whose 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.
“As a six-month old company, raising over $1,000,00 0 in hard dollars at this time of year is exception al”
says André Tessier, President and CEO of Delta. “We’re very proud of this accomplishment and are looking
forward to more success in 2020”.
“We are all very pleased to have made so much progr ess in such little time. The entire team at Delta h as
been working tirelessly to accomplish these important milestones. In less than 6 months, the Company has
been re-branded, engaged a new and seasoned managem ent team, acquired two large and very
prospective Canadian assets and recently completed its first drill campaign with results pending. The
closing of an oversubscribed non brokered hard cash financing at this time of year is a testament to t he
team at Delta”, stated Frank Candido, Chairman of the Board of Delta.
Insiders of the Company subscribed for a total amount of $70,000 or 350,000 units. Participation by these
insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection
of Minority Security Holders in Special Transactions (“ MI 61-101 ”). The issuance of securities to the related
parties is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection
5.5(b) of MI 61-101 and exempt from the minority sh areholder approval requirements of Section 5.6 of M I
61-101 pursuant to Subsection 5.7(b) of MI 61-101. The Company did not file a material change report 2 1
days prior to the closing of the Offering as the details of the participation of these insiders of the Company
had not been confirmed at that time .
About Delta Resources Limited
Delta Resources Limited is a new Canadian mineral e xploration company born at the end of June 2019.
The Company is focused on growing shareholder value through the acquisition of high-potential gold and
base-metal projects in Canada, exploring these proj ects with state-of-the-art methods, and potentially
developing these projects into mines.
Delta owns a 100% interest in the Bellechasse-Timmi ns gold deposit in southeastern Quebec, Canada
which contains a 43-101 gold resource of 171,000 ou nces at an average grade of 1.83 g/t gold in the
indicated category and an additional 95,000 ounces at an average grade of 1.36 g/t gold in the inferre d
category (SGS Canada Inc., Bellechasse-Timmins Prop erty Resource Estimate, Southeastern Quebec,
August 1, 2012).
The company’s current focus is to build a strong po rtfolio of mineral exploration properties with a hi gh
potential for large economic discoveries in Canada while evaluating the long-term potential of its 100 %
owned Bellechasse-Timmins gold deposit in southeastern Quebec.
in October 2019, Delta acquired the exclusive rights to earn a 100% interest in the Eureka Gold Discovery
(Delta-1) in the Thunder Bay area of Ontario and in the R-14 (Delta-2) gold property in the Chibougama u
area of Quebec. Delta carried out a drilling program at Eureka in early November. Results from this initial
drilling are pending and expected in early January 2020.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
www.deltaresources.ca
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:
Contact Delta Resources Limited
Frank Candido, Chairman
Tel: 514-969-5530
or
Andre Tessier, President and CEO
Tel: 613-328-1581
Cautionary Note Regarding Forward Looking Information
Some statements contained in this news release are " "forward looking information" within the meaning of Canadian
securities laws. Forward looking information include, but are not limited to, statements regarding the use of proceeds
of the non-brokered private placement and payment o f the debt settlements. Generally, forward-looking information
can be identified by the use of forward-looking ter minology such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", " anticipates", "believes" or variations of such word s and phrases
(including negative or grammatical variations) or s tatements 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 unce rtain and involves risks, assumptions and uncertain ties 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-loo king information contained in this press release co nstitutes
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.