On November 8, 2024, Delta Resources Limited (the “Company”) announced that it entered into an arrangement with Wealth Creation Preservation & Donation Inc. in connection with a non-brokered private placement offering (the “Offering”) of up to 25,000,000 charity flow-through units (“Units”) at a price of $0.20 per Unit, to raise gross proceeds of up to $5,000,000, with each Unit consisting of one flow-through common share of the Company and one transferable non-flow-through common share purchase warrant of the Company (“Warrant”). Each Warrant will be exercisable to acquire one additional non-flow-through common share of the Company at a price of $0.25 for 36 months following the date of issuance.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of the Units to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) on or before December 31, 2025.
On November 18, 2024, the Company completed the Offering for aggregate gross proceeds of $5,000,000.
Fasken advised Delta Resources Limited with a team led by John Sabetti and that included Allison Marks (Capital Markets and M&A) and Claude Jodoin (Tax).
Jurisdiction
- Ontario
