Timing? expectations?
Delta Mining and Exploration, Corp. Set to Finalize a $2 Million Financing
May 05, 2004 4:05:00 PM ET
LEWISBURG, Ky., May 5 /PRNewswire-FirstCall/ -- Delta Mining and Exploration Corp. (PINK SHEETS: DMXP) is pleased to announce the final stages of a US two million (US$2,000,000) dollar financing with a Toronto based investment house.
Subject to the completion of legal documentation and regulatory approval, Delta has successfully negotiated a US two million (US$2,000,000) dollar financing with a large Canadian investment firm based in Toronto. The investor will receive unregistered securities priced at five cents ($.05) per share and one warrant for every two shares purchased exercisable at ten cents ($.10) carrying a two year term. This agreement has been the result of continued negotiations between the two parties. It is anticipated that all documentation and the negotiated financing will be in place within the next month.
This influx of funds is testament to the growing interest in the mining sector and more specifically the Delta story. Funds will be utilized in a number of areas but will be focused on the continued exploration on the Homestead Kimberlite property and for general corporate purposes. Delta has already found diamond indicator minerals, a kimberlite and a micro-diamond on the Homestead property. The Homestead Kimberlite will be explored in greater detail to determine the viability of the kimberlite body. The surrounding area will also be explored for the presence of further kimberlites.
Furthermore, Delta will also allocate some of the funds to instigate a work program for Bolivia, South America, where the company controls some 10,000 acres of prospective diamond and gold properties.
Uh, huh, plenty of dd on this board about this entity. A recommendation to you and dmx(err)c: Dig a little deeper.
