Delrand Resources Closes Private Placement Financing and Debt Settlement
09.12.2016 | Newsfile
Toronto, December 9, 2016 - Delrand Resources Ltd. (TSXV: DRN.H) (the "Company") announces that, further to its November 16, 2016 press release, it has closed a non-brokered private placement of 100,000 common shares of the Company at a price of Cdn$0.52 per share for gross proceeds of Cdn$52,000 (the "Offering"). The Company intends to use the proceeds from the Offering for general working capital purposes.The Company also announces that, further to its November 16, 2016 press release, it has closed the settlement, with certain arm's length debt holders of the Company, of an aggregate of Cdn$61,000 of debt through the issuance to such holders of an aggregate of 122,000 common shares of the Company (the "Debt Settlement").
All shares issued in connection with the Offering and the Debt Settlement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
This press 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 (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.
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.
Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
NOT FOR DISSEMINATION IN THE UNITED STATES
For further information, please contact:
Arnold T. Kondrat, CEO
(416) 366-2221 or 1-800-714-7938