11:17:18 EST Tue 31 Jan 2023
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CA



Delta Resources arranges $2.5-million private placement

2022-12-06 13:23 ET - News Release

Mr. Andre Tessier reports

DELTA RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Delta Resources Ltd. has arranged a non-brokered private placement financing to raise up to $2.5-million from eligible participants through the combined sale of common share units, national flow-through units and Quebec flow-through units. Each common share unit will consist of one common share at 10 cents and one common share purchase warrant exercisable for up to 24 months from closing at 18 cents. Each national flow-through unit will consist of one common share at 13 cents and one-half of a common share purchase warrant for up to 24 months from closing at 25 cents. Each Quebec flow-through unit will consist of one common share at 14 cents and one-half of a common share purchase warrant exercisable for up to 24 months from closing at 25 cents. Each flow-through share relating to this financing consists of one common share of the company that qualifies as a flow-through share as defined in Section 66(15) of the Income Tax Act (Canada). Shares issued will be subject to a four-month-plus-one-day hold period.

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 predominately be used for drilling at the Delta-1 gold property in Thunder Bay, Ont., where Delta intersected 5.92 grams per tonne (g/t) gold (Au) over 31.0 metres and included 14.80 g/t Au over 11.9 metres and 72.95 g/t Au over 2.2 metres on Oct. 19, 2022. The net proceeds of the financing will also be used for exploration and drilling at the Delta-2 VMS (volcanic massive sulphide) property in Chibougamau, Que., as well as general working capital.

Drilling at the Delta-1 gold property is expected to begin in January, 2023.

About Delta Resources Ltd.

Delta Resources 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.

We seek Safe Harbor.

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