Delta Announces Warrant Extension

Rhea-AI Summary

Delta Resources (TSXV: DLTA) (OTC: DTARF) has announced plans to extend the exercise period of its warrants by 6 months. The extension applies to 9,585,000 warrants exercisable at $0.18 per common share and 2,790,068 warrants exercisable at $0.25 per common share. These warrants were originally issued through a private placement announced on December 6, 2022, and closed on December 23, 2022. The new expiry date will be July 23, 2025.

Of note, 3,000,000 warrants are held by related parties, constituting a related party transaction under regulatory guidelines. However, formal valuation and minority approval requirements are exempt as the warrants' fair market value is below 25% of the company's market capitalization.

Positive

• Extension of warrant exercise period provides additional time for potential capital raising
• No changes to warrant exercise prices maintains original terms

Negative

• Warrant extension may indicate challenges in raising capital at current market conditions
• 3,000,000 warrants held by related parties could present potential conflicts of interest

Montreal, Quebec--(Newsfile Corp. - December 23, 2024) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) (FSE: 6G01) ("Delta" or "The Company") announces that the Company intends to extend the exercise period for 9,585,000 warrants exercisable at $0.18 per common share and 2,790,068 warrants which are exercisable at $0.25 per common share (collectively, the "Warrants"). The Warrants were issued pursuant to a private placement which was previously announced on December 6, 2022, and closed on December 23, 2022. The Company proposes to extend the expiry dates for these Warrants by 6 months, and accordingly, the new expiry dates for the Warrants will be July 23, 2025.

All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

A total of 3,000,000 Warrants are held by parties who are "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceed 25% of the market capitalization of the Company. A material change report in respect of this related party transaction will be filed by the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Delta Resources Limited

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

DELTA-1 is Delta's flagship project, where the company is building on a large gold inventory 50 kilometres west of Thunder Bay, Ontario, at surface and adjacent to the Trans-Canada highway. To date, the gold mineralization is defined over a strike length of 2.5 km, from surface to a vertical depth of 300 m. Highlights include drill intercepts such as 5.92 g/t Au over 31 m (incl. 14.8 g/t Au over 11.9 m), and 1.79 g/t Au over 128.5 m. The property covers 306 square kilometres where Delta has identified multiple corridors of intense alteration and deformation, on strike with, and to the south of the Eureka gold zone and that has yet to be thoroughly explored.

The DELTA-2 property covers 205 square kilometres in the prolific Chibougamau District of Quebec. The property holds excellent potential for gold-rich polymetallic VMS deposits as well as hydrothermal-gold deposits. Delta targets VMS deposits such as the LeMoine past producer where 0.76 Mt were mined between 1975 and 1983, grading 9.6% Zn, 4.2% Cu, 4.5 g/t Au and 84 g/t Ag.

ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.

Frank Candido
Chairman
www.deltaresources.ca

We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.

For Further Information:

Contact Delta Resources Limited

Frank Candido, Chairman
Tel: 514-969-5530
fcandido@deltaresources.ca
or
Andre Tessier, President and CEO
Tel: 613-328-1581
atessier@deltaresources.ca

Cautionary Note Regarding Forward-Looking Information

Some statements contained in this news release are "forward-looking information" within the meaning of Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234988

FAQ

How many warrants is Delta Resources (DTARF) extending and at what exercise prices?

Delta Resources is extending 9,585,000 warrants exercisable at $0.18 per share and 2,790,068 warrants exercisable at $0.25 per share.

What is the new expiry date for Delta Resources' (DTARF) extended warrants?

The new expiry date for the warrants will be July 23, 2025, following a 6-month extension.

How many DTARF warrants are held by related parties?

3,000,000 warrants are held by parties who are related parties of the company.

When were the original DTARF warrants issued?

The warrants were originally issued through a private placement that closed on December 23, 2022.