Delta Resources Announces a Non-Brokered Private Placement of Hard Cash and Flow Through Units

Rhea-AI Summary

Delta Resources Limited has announced a non-brokered private placement financing to raise up to CAD $2,000,000. The offering includes Hard Cash Units priced at $0.27, National Flow Through Units at $0.31, and Quebec Flow Through Units at $0.34. The proceeds will fund exploration at the Delta-1 and Delta-2 projects in Ontario and Quebec. Drilling is expected to commence after the financing closes. Modifications to the placement size and units may occur, pending regulatory approval.

Positive

• Targeting to raise CAD $2,000,000 through a non-brokered private placement.
• Funding intended for exploration at potentially high-value projects in Ontario and Quebec.
• Drilling operations to begin shortly after financing closure, indicating active business development.

Negative

• None.

KINGSTON, ON / ACCESSWIRE / November 1, 2021 / Delta Resources Limited ("Delta" or "The Company") (TSXV:DLTA)(OTC PINK:DTARF)(Frankfurt:6G01) announces a non-brokered private placement financing to raise up to CAD $2,000,000 from eligible participants through the combined sale of Hard Cash Units, National Flow Through Units and Quebec Flow Through Units. Each Hard Cash Unit will consist of one common share at $0.27 and one half of a common share purchase warrant exercisable for up to 24 months from closing at $0.40. Each National Flow Through Unit will consist of one common share at $0.31 and one half of a common share purchase warrant for up to 24 months from closing at $0.45. Each Quebec Flow Through Unit will consist of one common share at $0.34 and one half of a common share purchase warrant exercisable for up to 24 months from closing at $0.45. A finder's fee commensurate with TSX Venture Exchange policies will be paid where applicable.

The Company reserves the right to modify the size of the private placement or to modify the type, nature and/or price of the units for any reason. The offering and any modification to it are subject to compliance with applicable securities laws and approval of the TSX Venture Exchange. The Company may pay finders' fees in accordance with the policies of the TSX Venture Exchange. The net proceeds of the financing will be used for extensive exploration programs which include drilling at its Delta-1 Gold property in Thunder Bay, Ontario and Delta-2 VMS and Gold property in Chibougamau, Quebec as well as general working capital. Drilling is expected to begin shortly after the closing of the placement. Any shares issued will be subject to a four month plus one day hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements .

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, 45 km² located 50km west of Thunder Bay, Ontario where an extremely high gold-in-till anomaly and kilometre-scale gold-bearing alteration halo point to a never-tested regional structure.
• DELTA-2 GOLD and DELTA-2 VMS, 170 km² in the prolific Chibougamau District of Quebec, with a potential for hydrothermal-gold and gold-rich VMS deposits.

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:
Delta Resources Limited
Andre C. Tessier, CEO and President
Tel: 613-328-1581
atessier@deltaresources.ca

or

Frank Candido, Chairman
Tel : 514-969-5530
fcandido@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. Forward looking information include, but are not limited to, statements regarding the use of proceeds of the non-brokered private placement and payment of the debt settlements. 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.

SOURCE: Delta Resources Limited

View source version on accesswire.com:
https://www.accesswire.com/670582/Delta-Resources-Announces-a-Non-Brokered-Private-Placement-of-Hard-Cash-and-Flow-Through-Units

FAQ

What is the purpose of Delta Resources Limited's private placement financing?

The private placement financing aims to raise CAD $2,000,000 for exploration activities at Delta's gold and base-metal projects in Ontario and Quebec.

What are the unit prices for the Hard Cash and Flow Through Units in the Delta Resources placement?

Hard Cash Units are priced at $0.27, National Flow Through Units at $0.31, and Quebec Flow Through Units at $0.34.

When is drilling expected to start after the private placement?

Drilling is expected to begin shortly after the closing of the private placement financing.

What are the risks associated with Delta Resources Limited's forward-looking statements?

Forward-looking statements involve inherent uncertainties and risks that could cause actual results to differ materially from expectations.

Is the private placement contingent upon TSX Venture Exchange approval?

Yes, the private placement and any modifications are subject to compliance with applicable securities laws and approval of the TSX Venture Exchange.