Delta Resources Announces First Closing of Private Placement in the Amount of $3,363,450

KINGSTON, ON / ACCESSWIRE / December 6, 2021 / Delta Resources Limited ("Delta" or "the Company") (TSX-V:DLTA) (OTC PINK:DTARF) (FRANKFURT:6G01) is pleased to announce that it has completed a non-brokered private placement (as previously announced November 1 and November 29, 2021), by issuing 1,986,110 Hard Cash units of the Company at a price of $0.27 per unit, for gross proceeds of $536,249.70. 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 $0.40. In addition, the Company has also issued 1,998,389 National Flow Through units of the Company at a price of $0.31 per unit, for gross proceeds of $619,500.59. Each unit consists of one National Flow Through common share and one half of a common share purchase warrant exercisable for up to 24 months from closing at $0.45. In addition, the Company has also issued 6,493,235 Quebec Flow Through units of the Company at a price of $0.34 per unit, for gross proceeds of $2,207,699.90. Each unit consists of one Quebec Flow Through common share and one half of a common share purchase warrant exercisable for up to 24 months from closing at $0.34.

The net proceeds of the financing will primarily be used for exploration including drill campaigns at its Delta-1 and Delta-2 properties in Thunder Bay, Ontario and Chibougamau, Quebec and general working capital. Any shares issued are subject to a four-month plus one day hold period.

In connection with this private placement, the Company has paid cash commissions in the aggregate amount of $213,016.03. As additional consideration, the Company also issued an aggregate of 626,613 non-transferable compensation warrants (the " Compensation Warrants "). 570,613 Compensation Warrant are exercisable to acquire one common share of the Company at an exercise price of $0.45 at any time in whole or in part for a period of 24 months following the closing of the Offering. Another 56,000 Compensation Warrant are exercisable to acquire one common share of the Company at an exercise price of $0.40 at any time in whole or in part for a period of 24 months following the closing of the Offering.