Business
Delta Announces Strategic Investment by Troilus Gold Corporation and First Closing of Private Placement
Kingston, Ontario--(Newsfile Corp. - December 15, 2022) - Delta Resources Limited  ( TSXV...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Announces Strategic Investment by Troilus Gold Corporation and First Closing of Private PlacementKingston, Ontario--(Newsfile Corp. - December 15, 2022) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6GO1) (\"Delta\" or \"The Company\") is pleased to announce a first closing of a non brokered private placement for aggregate gross proceeds of $945,700.Delta issued 1,612,143 Quebec Flow-Through Units at $0.14 and 2,307,694 National (Ontario) Flow-Through Units at $0.13. Each unit includes one half of a common share purchase warrant whereby each full warrant is exercisable over a period of 24 months at $0.25.Delta also issued an additional 3,000,000 Charity Flow-Trough Units to Troilus Gold Corp. at $0.14. Each unit includes one National (Ontario) Flow-Through common share and one half of a common share purchase warrant whereby each full warrant is exercisable over a period of 24 months at $0.25 for aggregate gross proceeds of $420,000.Justin Reid, CEO of Troilus Gold Corp. commented, \"Over the last year, the Delta team has demonstrated tremendous exploration success marked by the definition of a 1km mineral corridor with recent drill intercepts as high as 5.9 g/t Au over 31 metres at its Thunder Bay property. Troilus is pleased to become a shareholder of Delta, and we look forward to monitoring their ongoing work programs and seeing the value opportunity in our investment.\"\"The investment by Troilus is a very positive development for Delta and its investors. Delta is pleased with the confidence demonstrated by Troilus in the rapidly developing Delta-1 Gold property in Thunder Bay, Ontario. We are anxious to receive the outstanding assay results from our last drill campaign at Delta-1 and look forward to resuming our drilling at both Delta-1 and Delta-2 property in Chibougamau, Quebec,\" said Andre C. Tessier, President and CEO of Delta Resources Limited. The net proceeds of the financing will predominately 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 on October 19, 2022. The net proceeds of the financing will also be used for exploration and drilling at the Delta-2 VMS property in Chibougamau, Quebec.In connection with this tranc...