Delta Uranium Inc.

Delta Uranium Inc.

October 23, 2009 15:45 ET

Delta Announces Non-Brokered Private Placement for Up to $295,000

TORONTO, ONTARIO--(Marketwire - Oct. 23, 2009) -


Delta Uranium Inc. (TSX:DUR) ("Delta" or the "Company") is pleased to announce that, subject to regulatory approval, it intends to proceed with a non-brokered private placement financing (the "Private Placement") of up to 4,916,667 units (the "Units") of the Company at a price of $0.06 per Unit for aggregate proceeds of up to $295,000. Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one common share in the capital of the Company at any time on or before the date that is two years after the closing of the Private Placement at an exercise price of $0.15 per share if exercised in the first year, or $0.20 per share if exercised in the second year.

Wayne Isaacs, Chairman & CEO states that, "With our exploration now underway in the Wheeler River area of the Athabasca Basin, our financing plans combining flow through and non flow through is also underway and this small administrative financing is intended to compliment the exploration dollars being raised from the flow through financing. We intend to close this financing within a week and we are looking forward to closing the second tranche of the flow through financing no later than November 6, 2009. We would like to thank our shareholders for their continued support and welcome those new shareholders who share our vision of building a world class uranium exploration company"

Four insiders of the Corporation, Messrs. Wayne Isaacs (director, Chairman & CEO), Kirk Boyd (director and CFO ), Colin Bowdidge (director) and Rick Bonner (director) intend to subscribe for up to 1,966,667 Units, or 40% of the Private Placement. The purchases by these insiders will be priced at the market price at closing or at $0.06 per unit, whichever is higher.

Subject to certain conditions including, but not limited to, the receipt of the approval of the Toronto Stock Exchange, closing is expected on or about October 29, 2009.

All currency references are in Canadian dollars.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Delta Uranium Inc.

Delta Uranium is TSX listed Canadian exploration company actively engaged in the acquisition, evaluation and exploration of uranium mineral properties in northeastern and northwestern Ontario, Athabasca Basin and Western Newfoundland, Canada.

The TSX has not reviewed and does not accept responsibility for the adequacy of this news release.

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