Delrand Resources Limited - Press Release - Delrand Closes Private PlacementRelease Date: 20/09/2016 09:58:00 Code(s): DRN
Delrand Resources Limited
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: DRN ISIN Number: ISIN CA2472673052
(?Delrand? or the "Company")
DELRAND CLOSES PRIVATE PLACEMENT
(Not for dissemination in the United States)
Toronto, Canada ? September 19, 2016 ? Delrand Resources Limited (the ?Company?)
(NEX: DRN.H; JSE: DRN) announces that, further to its September 2, 2016 press release, it
has closed a non-brokered private placement of 600,000 common shares of the
Company at a price of Cdn$0.50 per share for gross proceeds of Cdn$300,000 (the
?Offering?). The Company intends to use the proceeds from the Offering to settle
accounts payables and for general working capital purposes. All shares issued in
connection with the Offering will be subject to a hold period of four months plus a day
from the date of issuance and the resale requirements of applicable securities
The Offering constitutes a related party transaction within the meaning of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61-101 (?MI 61-101?) as an insider of the
Company subscribed for 36,000 shares under the Offering. The Company is relying on
the exemption from the minority shareholder approval requirement of MI 61-101
contained in section 5.7(1)(a) of MI 61-101, as the fair market value of the shares issued
to insiders in connection with the Offering does not exceed 25% of the market
capitalization of the Company, as determined in accordance with MI 61-101. The
Company did not file a material change report in respect of the related party
transaction at least 21 days before the closing of the Offering, which the Company
deems reasonable in the circumstances so as to be able to avail itself of potential
financing opportunities and complete the Offering in an expeditious manner.
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.
Corporate Update ? JSE Delisting
The Company also reports that, further to its August 31, 2016 press release, the voluntary
delisting of the Company?s common shares from the Johannesburg Stock Exchange will
be effected on September 26, 2016.
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
For further information, please contact:
Arnold T. Kondrat, CEO, (416) 366-2221 or 1-800-714-7938.
20 September 2016
Arbor Capital Sponsors Proprietary Limited
Date: 20/09/2016 09:58:00 Supplied by www.sharenet.co.za
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