Delta Resources Announces Closing of $300,000 Private Placement with SIDEX and SDBJ

Rhea-AI Summary

Delta Resources Limited has successfully completed a non-brokered private placement, issuing 857,142 units at $0.35 each, raising $300,000. The proceeds will fund exploration drilling at the Delta-2 property in Quebec. Notably, both SIDEX and SDBJ provided equal contributions of $150,000 each, showcasing strong local support. Delta's projects, DELTA-1 and DELTA-2, focus on gold and base metals, positioning the company well within the Canadian mineral exploration landscape. Delta has 36 million shares outstanding and anticipates an additional $1 million in payments from the sale of its Bellechasse-Timmins project.

Positive

• Successfully raised $300,000 through a non-brokered private placement, enhancing exploration budget.
• Strong support from SIDEX and SDBJ, each investing $150,000.
• Fully funded exploration for 2021 with potential additional $1 million from Bellechasse-Timmins project.

Negative

• None.

KINGSTON, ON / ACCESSWIRE / February 4, 2021 / Delta Resources Limited ("Delta" or "the Company") (TSXV:DLTA)(OTC PINK:DTARF)(FRA:6G01) is pleased to announce that it has completed a non-brokered private placement (as announced January 28, 2021), by issuing 857,142 units of the Company at a price of $0.35 per unit, for gross proceeds of $300,000. 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 $0.45. There are no finders fee paid in connection with this financing.

The net proceeds of the financing will be used for exploration drilling at its Delta-2 property in Chibougamau, Quebec. Any shares issued are subject to a four-month plus one day hold period.

The Company is very pleased to receive the continued support of Quebec-based SIDEX and SDBJ who each contributed $150,000 in this financing.

• 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 participate in the implementation of projects having these objectives. http://www.sdbj.gouv.qc.ca.

We are extremely pleased with the recognition and support provided to Delta by SIDEX and SDBJ." says André Tessier, President and CEO of Delta. "We have a great drill program underway in Chibougamau and this cash infusion further solidifies our 2021 Exploration budget".

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, 170 km² in the prolific Chibougamau District of Quebec, with a potential for hydrothermal-gold and gold-rich VMS deposits.

Delta has 36M shares outstanding has a fully funded exploration for 2021 and in addition, is set to receive an additional $1M in scaled payments, from August to December 2021, through the sale of its Bellechasse-Timmins gold project in SE Quebec.

ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.

Andre C. Tessier

President, CEO and Director

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. 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/627782/Delta-Resources-Announces-Closing-of-300000-Private-Placement-with-SIDEX-and-SDBJ

FAQ

What is the stock symbol for Delta Resources Limited?

The stock symbol for Delta Resources Limited is DTARF.

How much did Delta Resources Limited raise in its recent private placement?

Delta Resources Limited raised $300,000 through its recent private placement.

What will the proceeds from Delta's private placement be used for?

The proceeds will be used for exploration drilling at its Delta-2 property in Chibougamau, Quebec.

Who are the investors in Delta Resources' private placement?

The investors in the private placement include SIDEX and SDBJ, each contributing $150,000.

What financial support does Delta Resources have for 2021?

Delta Resources has a fully funded exploration budget for 2021 and expects an additional $1 million in payments from the sale of its Bellechasse-Timmins project.