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Delta Oil & Gas Inc. Completes Private Equity Financing
2005-02-07 10:16 ET - News Release
SEATTLE, WA -- (MARKET WIRE) -- 02/07/05
Delta Oil & Gas Inc. (OTC BB: DOIG) announced on February 7, 2005 that it has successfully completed a private equity financing comprised of 1,200,000 Units at $1.00 per Unit to a total of three investors. Each Unit consists of one share of restricted common stock and one Warrant (the "Warrant") to purchase one restricted share of common stock, exercisable for five years from the closing of the offering. The exercise price for the Warrant is priced at $1.50. The total gross proceeds received from this offering was $1,200,000. Assuming that all of the Warrants are exercised by the investors, the gross proceeds received from the Warrants will equal $1,800,000.
The funds for the Units have already been received in full. The placement is designed to strengthen the Company's balance sheet and is expected to be used for financing Delta's operations and to assist in financing its business plan.
"We are very pleased to close this financing which allows Delta to move forward with its plans," said Douglas Bolen, President, Delta Oil & Gas Inc. "We will continue seek out resource properties of merit and to raise additional capital to finance exploration and development of our prospects."
About Delta Oil & Gas Inc.
Delta Oil & Gas Inc. is a publicly traded Colorado based Oil and Natural Gas exploration company. The company is focused on the acquisition and exploration of commercial prospects in onshore areas of Canada and the United States of America.
Safe Harbor for Forward-Looking Statements: This release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release.
Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in oil & gas exploration, the need to obtain additional financing, the availability of needed personnel and equipment for the future exploration and development, fluctuations in gas prices, and general economic conditions.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
Douglas N. Bolen
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