Go Back Email this Link to a friend


Delrand Resources Limited - Delrand Provides Corporate Update

Release Date: 21/12/2015 16:52:00      Code(s): DRN     

Delrand Resources Limited
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: DRN ISIN Number: CA2472672062
(?Delrand? or the "Company")

Press Release

Delrand Provides Corporate Update

Toronto, Canada ? December 18, 2015 ? Delrand Resources Limited (?Delrand? or the ?Company?) (NEX-DRN.H;
JSE-DRN) announces that Delrand and its largest creditor (the ?Creditor?) have agreed to settle indebtedness of
Cdn$1,300,000 pursuant to the issuance by Delrand to the Creditor of an unsecured debenture (the ?Debenture?) in the
principal amount of Cdn$1,300,000 (the ?Principal?). The Debenture has a maturity date (the ?Maturity Date?) of 30
months from the date of issue of the Debenture. Interest on the Principal outstanding from time to time will accrue at
an interest rate of 2.5% and will be payable by Delrand on the Maturity Date. The Principal (and all interest accrued
and unpaid thereon) will be due and payable on the Maturity Date, provided, however, that Delrand may prepay the
Principal and accrued interest earlier, without penalty, at its discretion.

The terms of the Debenture also provide that (a) the holder thereof shall have the option to convert the outstanding
Principal into common shares of Delrand at a price of Cdn$0.25 per share (subject to adjustment in accordance with the
terms of the Debenture for events such as a share consolidation) (the ?Conversion Price?), and (b) within 30 days of
the Maturity Date, Delrand may elect to repay the outstanding Principal in common shares of Delrand at the
Conversion Price, provided that the 5 day per share volume-weighted average trading price of Delrand?s shares at that
time is at least Cdn$0.25 (subject to adjustment in accordance with the terms of the Debenture for events such as a
share consolidation). The issuance of the Debenture is conditional on Delrand obtaining TSX Venture Exchange
(NEX) approval of such issuance.

Arnold T. Kondrat (?Kondrat?), who is Chief Executive Officer and a director of the Company, has entered into a call
option agreement with the Creditor pursuant to which Kondrat shall have the right to require the Creditor to sell to
Kondrat all or a portion of the Debenture for a purchase price payable of Cdn$1.00 for each Cdn$1.00 of Principal
purchased.

For further information, please contact:
Arnold T. Kondrat, CEO, (416) 366-2221 or 1-800-714-7938.

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.

21 December 2015


Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 21/12/2015 04:52:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.


                                        
Email this JSE Sens Item to a Friend.

Send e-mail to
© 2017 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.