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Delta Resources Announces Closing of Over Subscribed Non-Brokered Private Placement of $1.015M Hard Cash
KINGSTON, ON / ACCESSWIRE / December 23, 2019 / Delta Resources Limited ("Delta" or the "Co...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Resources Announces Closing of Over Subscribed Non-Brokered Private Placement of $1.015M Hard CashKINGSTON, ON / ACCESSWIRE / December 23, 2019 / Delta Resources Limited (\"Delta\" or the \"Company\") (TSXV:DLTA) is pleased to announce that it has completed an oversubscribed 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 consists of one common share and one half of a common share purchase warrant exercisable for up to 24 months from closing at $0.30The 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 Company has paid cash commissions in the aggregate amount of $16,000. As additional consideration, the Company also issued an aggregate of 80,000 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 $0.20 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 government 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 $1,000,000 in hard dollars at this time of year is exceptional\" 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 progress in such little time. The entire team at Delta has been working tirelessly to accomplish these important milestones. In less than 6 months, the Company has been re-branded, engaged a new and seasoned management team, acquired two large and very prospective Canadian assets and recently completed its first d...