News
Delta Mining
and Exploration Removes All Debt, Finalizing Work Program With Apex
GeoScience
Monday July 23, 9:00
am ET
NEW YORK, July 23 /PRNewswire-FirstCall/
-- Delta Mining and Exploration (OTC:
DMXC -
News)
wishes to confirm that it has successfully negotiated the
removal of all company debt. Delta was able to accomplish this
by having its directors, management and consultants agree to
convert debt owed into equity.
Pursuant to the terms, all parties
agreed to significantly reduce the amount owed to them by thirty
percent and also chose to convert the agreed amount at a thirty
percent premium from the current market price. Furthermore, all
stock issued will carry an SEC 144 restrictive legend which will be
in place for up to two years.
The aforementioned events will allow
Delta to focus its newly secured investment, which was discussed in
the company's last press release dated July 15, 2007, into further
exploration. The company has received an outline of a work plan from
Apex GeoScience and is currently finalizing the terms of the
agreement and determining a start date.
About Delta Mining and Exploration,
Corp: http://www.deltamine.com:
Delta is a mineral exploration company with an extensive portfolio
of diamond properties in Montana, USA. Delta controls some 7500
acres throughout Montana located within the Wyoming Craton where
much of North America's diamonds have been found.
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.
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