Source: Delta Resources Ltd.
  • Delta Resources (DLTA) has closed a non-brokered private placement for total gross proceeds of $1,825,730
  • The company will issue common share units, national FT units and Quebec FT units
  • The net proceeds will be used primarily for drilling at the Delta-1 Gold property in Thunder Bay, Ontario
  • The company has 100 per cent ownership in the DELTA-1 Gold project
  • Delta Resources Limited (DLTA) is up 15 per cent, trading at C$0.115 per share at 1:30 pm ET

Delta Resources (DLTA) has closed its previously announced non-brokered private placement for total gross proceeds of $1,825,730.

Under the final tranche, Delta issued 9,585,000 units for $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.

The company issued 1,658,923 FT units for $0.13 per unit, for gross proceeds of $215,660. Each unit consists of one FT common share and one-half of a common share purchase warrant exercisable for up to 24 months from closing.

Delta Resources also issued 4,654,074 Quebec FT units for $0.14 per unit, for gross proceeds of $651,570. Each unit consists of one Quebec FT common share and one-half of a common share purchase warrant exercisable for up to 24 months from closing.

The net proceeds will be used primarily for drilling at the Delta-1 Gold property in Thunder Bay, Ontario, as well as general working capital.

The company paid cash commissions totalling $98,229 and issued 875,019 non-transferable compensation warrants.

Insiders have subscribed for $35,010 in the second tranche of the private placement.

All securities issued are subject to a statutory four-month hold period.

Delta Resources Limited is a Canadian mineral exploration company focused on the exploration of two high-potential gold and base-metal projects in Canada.

The company has 100 per cent ownership in the DELTA-1 Gold project in Thunder bay, Ontario, DELTA-2 Gold polymetallic project in Chibougamau, Quebec and the Bellechasse-Timmins Gold project located in southeastern Quebec.

Delta Resources Limited (DLTA) is up 15 per cent on the day, trading at C$0.115 per share at 1:30 pm ET.


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