News
DELTA MINING AND EXPOLRATION, CORP. SET TO
FINALIZE A $2 MILLION FINANCING
Lewisburg, KY.
– May 5, 2004 --- Delta Mining and Exploration
Corp. (OTC: DMXC) is pleased to announce the final stages of a US two
million (US$2,000,000) dollar financing with a Toronto based
investment house.
Subject to the
completion of legal documentation and regulatory approval, Delta has
successfully negotiated a US two million (US$2,000,000) dollar
financing with a large Canadian investment firm based in Toronto. The
investor will receive unregistered securities priced at five cents
($.05) per share and one warrant for every two shares purchased
exercisable at ten cents ($.10) carrying a two year term. This
agreement has been the result of continued negotiations between the
two parties. It is anticipated that all documentation and the
negotiated financing will be in place within the next month.
This influx of
funds is testament to the growing interest in the mining sector and
more specifically the Delta story. Funds will be utilized in a number
of areas but will be focused on the continued exploration on the
Homestead Kimberlite property and for general corporate purposes.
Delta has already found diamond indicator minerals, a kimberlite and a
micro-diamond on the Homestead property. The Homestead Kimberlite
will be explored in greater detail to determine the viability of the
kimberlite body. The surrounding area will also be explored for the
presence of further kimberlites.
Furthermore,
Delta will also allocate some of the funds to instigate a work program
for Bolivia, South America, where the company controls some 10,000
acres of prospective diamond and gold properties.
Delta Mining and Exploration
Corp, http://www.deltamine.com: is a mineral exploration company with
an extensive portfolio of diamond properties in Montana, USA and in
Bolivia, South America. Delta controls some 7,500 acres throughout
Montana located within the Wyoming Craton where much of North
America’s diamonds have been found. Another 10,000 acres of
prospective diamond properties are controlled in Bolivia, South
America.
NOTE: Safe Harbor for
Forward-Looking Statements.
This press release contains
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 (the "Act"). In particular,
when used in the preceding discussion, the words "plan," "confident
that," "believe," "scheduled," "expect," or "intend to," and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act and are subject to the safe
harbor created by the Act. Such statements are subject to certain
risks and uncertainties and actual results could differ materially
from those expressed in any of the forward-looking statements. Such
risks and uncertainties include, but are not limited to, the ability
of the Company to complete the planned bridge financing, market
conditions, the general acceptance of the Company's products and
technologies, competitive factors, timing, and other risks described
in the Company's SEC reports and filings.
ON BEHALF OF THE BOARD of
Delta Mining and Exploration Corp.
Contact:
Alex Livak, Investor
Relations
(917) 731-0215
Email:
info@deltamine.com
Website:
http://www.deltamine.com
SOURCE:
Delta Mining and Exploration Corp. |
