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Re: News Releases - Friday, March 11, 2011
DELORO PROCEEDS WITH $2.0 MILLION BROKERED PRIVATE PLACEMENT
OFFERING OF FLOW-THROUGH AND NON FLOW-THROUGH SHARES
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Deloro Resources Ltd. (the "Company") (TSX-V:DLL) is pleased to
announce that it has engaged Union Securities Ltd. ("Union") to conduct
a brokered private placement on a best efforts basis of up to two
million dollars at a price of
.15 per share. The offering will be
conducted as a 50:50 flow-through and non flowthrough share offering,
raising a maximum of one million flow-through dollars and one million
non flowthrough dollars.
A cash commission equal to 6% of the proceeds and broker's warrants
equal to 6% of the total number of flowthrough and non flow-through
shares subscribed will be provided to Union Securities Ltd. of
Vancouver, B.C. The broker's warrants will be exercisable for a period
of 24 months after the closing of the offering at
.15 per common
share. The Company also will compensate Union for legal fees and
reimbursements for reasonable expenses incurred in connection with the
financing.
All securities issued in connection with the offering are subject to a
statutory hold period of four months plus a day from the date of
issuance, in accordance with applicable securities legislation.
As per the news release dated December 14, 2010, Deloro Resources Ltd.
(the "Company") (TSX-V: DLL) had engaged Union Securities Ltd.
("Union") to conduct a brokered private placement on a best efforts
basis of up to sixteen million flow-through shares at a price of
.15
per share and up to six million non-flow-through shares at a price of
.15 per share.
The Company announced the closure of the first tranche of this
placement for gross proceeds of $1,505,250 through the sale of
10,035,000 common shares on December 31, 2010. Of this, 7,502,000 were
flow-through shares for a total of $1,125,300 and 2,533,000 were non
flow-through shares for a total of $379,950.
The Company will not be pursuing the completion of the second tranche
of the placement and will be completing this 50:50 offering in lieu.
The gross proceeds from the sale of the flow-through shares will be
used for Canadian Exploration Expenses related to the exploration of
the Company's Canadian exploration projects, and, in particular, the
exploration of the company's heavy oil project in the Wilkie area of
Saskatchewan.