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Delta Resources Announces Closing of $1,558,749 Private Placement
KINGSTON, ON / ACCESSWIRE / October 1, 2020 / Delta Resources Limited ("Delta" or "the Comp...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Resources Announces Closing of $1,558,749 Private PlacementKINGSTON, ON / ACCESSWIRE / October 1, 2020 / Delta Resources Limited (\"Delta\" or \"the Company\") (TSXV:DLTA)(OTCBB:GOLHF)(Frankfurt:6G01) is pleased to announce that it has completed a non-brokered private placement (as announced September 2 and 17, 2020), by issuing 4,453,569 units of the Company at a price of $0.35 per unit, for gross proceeds of $1,558,749. Each unit consists of one common share and one-half of a common share purchase warrant exercisable for up to 24 months from closing at $0.50.The net proceeds of the financing will primarily be used for exploration including drill campaigns 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 Company has paid cash commissions in the aggregate amount of $12,127.50. As additional consideration, the Company also issued an aggregate of 34,650 non-transferable compensation warrants (the \"Compensation Warrants\"). Each Compensation Warrant is exercisable to acquire one common share of the Company at an exercise price of $0.35 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 four Quebec-based institutional funds as follows: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 participation in the implementation of projects having these objectives. http://www.sdbj.gouv.qc.caCapital Régional et Coopéra...