Business
Delta Announces Corporate Restructuring and Proposes Share Dividend
Delta Announces Corporate Restructuring and Proposes Share Dividend
About this update from Omai Gold Mines Corp.
[{"type":"text","content":"\nDelta Announces Corporate Restructuring and Proposes Share Dividend\n\n\n Nov. 25, 2010 (Filing Services Canada) -- Delta Uranium Inc.  (DUR - TSX Venture),announces its intention to restructure its corporate assets in the resource industry while de-emphasizing its focus on uranium exploration and development.  The Company has sought financing for further exploration and development of its uranium properties over the past 18 months with no success.  As a result, the company was unable to complete the required exploration expenditures on its C4, C5 and C6 uranium properties in the Athabasca Basin.  The option on the C4, C5, and C6 properties will therefore terminate on December 31, 2010. The Company recognizing that there are no remaining opportunities to continue the option, has now sold its interest in the option agreement with Solitaire Minerals Corp. (TSX-V: SLT) to Terra Ventures Corp. (TSX-V: TAS) for a cash consideration of $25,000. Given the current market conditions and the Company's inability to attract additional investment capital for further exploration and development of its uranium assets, management believes that restructuring the Company will enable the Company to attract new resource assets and new investment capital. Delta continues to retain its interest in the C3 property in the Athabasca Basin.Further to our press release dated February 26, 2009, in which the Company announced its intention to restructure its assets and assign its interest its non uranium assets to Carlisle Goldfields Limited (\"Carlisle\"), and further to our press release dated April 21, 2009 whereby Delta entered into an option agreement with Citabar Limited Partnership (\"Citabar\") Citadel Gold Mines (\"Citadel\"), (the \"Wawa Option Agreement\"), and further to our press release dated June 18, 2009 in which we announced the termination of the proposed transaction with Carlisle, Delta is pleased to announce that it has now entered into an agreement with Augustine Ventures Inc. (\"Augustine\") with respect to its restructuring and the assignment of the Wawa Option Agreement.BackgroundOn February 26, 2009, Delta and its subsidiary, Delta Precious Metals Inc. (\"DPM\") entered into an agreement with Carlisle by which Delta and DPM would assign their respective rights under the Wawa Option Agreement...